BAKU, Azerbaijan, February 3. The S&P Global Ratings international rating agency has updated its risk assessment for Azerbaijan's banking sector (BICRA), changing its outlook from stable to positive, Trend reports via the agency.
This upgrade reflects the positive trend in the country's banking industry.
"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," the agency said in a statement.