CBA to facilitate process of intensifying financial intermediation in country

The Central Bank of Azerbaijan (CBA) expects to accelerate the development of the banking sector this year, CBA Chairman Elman Rustamov said.

"Today the situation in the banking sector is stable, the development is observed in this sector, which according to our forecasts, this year will be even more accelerated. Banks are already familiar with the problems of the crisis period, so they created a significant amount of reserves, but at present this process must continue, and it requires further development, "Rustamov said.

He said according to the Azerbaijani President Ilham Aliyev's instructions given at the meeting of the Cabinet of Ministers on the socio-economic development in 2010 and forthcoming challenges in 2011, the country should intensify financial intermediation, including bank lending of non-energy sector with the view of the development of small and medium entrepreneurship.

"The Central Bank will facilitate this process," he said.

Total assets of the Azerbaijani banking sector in January-November 2010 increased by 8.8% amounting to 12.7 billion manat, capitalization - by 8.5% to 2.175,07 million manat, deposit base - by 22.1% to 4.751 billion manat, loan investments - by 8.1% to 9.09 billion manat.


/Trend/