Report: Assets of Azerbaijani banking sector will increase by 10-15%

Baku. 4 February. REPORT.AZ/ Total assets of Azerbaijan's banking sector grew in December 2015 in sum of 6 360,1 mln. manats or 22,35% and amounted to 34,906 mln. AZN to January 1, 2016.

Report informs referring to the Central Bank of Azerbaijan Republic (CBAR), in comparison with the beginning of last year, total assets increased by 9 723.5 million manats or 38.61%.

Analytical Group of Report News Agency explained the sharp growth of the banking sector assets in December with 48% devaluation of the national currency on December 21 of last year, which contributed to the growth of foreign currency loans and deposits in manat equivalent.

Report analysts believe, the upcoming statement for full deposit insurance and exemption from taxation of dividends on deposits will lead to increase in banking assets by 10-15% - up to 40 billion manats.