S&P improves Azerbaijan's banking sector assessment to 'Positive'

S&P Global Ratings has improved its Banking Industry Country Risk Assessment (BICRA) for Azerbaijan from "stable" to "positive," Report informs via S&P.

"We revised our industry risk trend for Azerbaijan to positive from stable. The positive industry risk trend captures initiatives to modernize the regulation and supervision of financial institutions in the country over the past two years under the Financial Sector Development Strategy for 2024-2026. If these initiatives are implemented effectively, we think they could further strengthen regulation and supervision for banks in Azerbaijan, although we continue to view the regulation and supervision framework in the country as weaker than international standards. We maintained Azerbaijan in our BICRA group '8', with economic and industry risk stores of '8'," reads the report.