Azerbaijan, Baku, November 23 / Trend , N.Ismayilova /
The banking system of Azerbaijan is functioning normally, completely fulfilling both internal and external commitments, the first deputy chairman of the Central Bank of Azerbaijan Alim Guliyev said during official opening of VTB-Azerbaijan Bank.
In the shortest time, Azerbaijan's economy was able to demonstrate its potential and the dynamics of development, Guliyev said. General economic development of the country had its positive influence on the growth of the banking sector in Azerbaijan.
According to him, on the backdrop of the global financial crisis, since the beginning of this year, the assets of the banking sector of Azerbaijan grew by seven percent, the amount of the loan portfolio - 11 percent and capital base - 16 percent.
The sum of individual deposits grew by 12 percent, which also demonstrates the result of ongoing reforms aimed at strengthening public confidence in the banking sector of the country, he said.
According to Guliyev, the country's Central Bank has taken several preventive regulatory measures, which served to curb excessive external borrowing. Requirements for the quality of assets and security of loans were also tightened in order to motivate banks to more restrained behavior on the market and significantly improve risk management and corporate governance.
"As part of anti-crisis measures, the liquidity was ensured in country's banking sector in the direct and indirect forms by approximately $2 billion," he said.
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