On February 23, the international rating agency Moody`s warned that the assets of Azerbaijani banks are at risk.
As reported by Bloomberg, this assessment came after Azerbaijan, a major oil producer, on February 21 dramatically lowered the rate of the national currency against the dollar and the euro.
In this regard, on Monday Moody`s exposed "negative outlook" for Azerbaijani banks such as JSC International Bank and JSC VTB.
The move had a negative impact on asset quality due to the borrowers’ pressure on banks and the borrowers' ability to repay loans.
At the same time, liabilities of banks in foreign currency were denominated.
Currency devaluation will encourage depositors to transfer manat deposits into foreign currency, analysts from Moody`s believe. -02D-
Economics
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The Central Bank of the Republic of Azerbaijan aims to enact green bond legislation by year-end, Chairman Taleh Kazimov announced on Thursday during a roundtable discussion at Baku Climate Action Week focused on personal finance.
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Azerbaijani President Ilham Aliyev inaugurated several new enterprises and toured ongoing construction projects in the Zangilan district on Thursday, marking significant strides in the region’s post-occupation recovery.
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Azerbaijani President Ilham Aliyev on Thursday inaugurated several new enterprises and inspected ongoing construction projects in the Jabrayil district, recently liberated from occupation.
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President of Azerbaijan Ilham Aliyev has signed a decree approving a revised structure for auxiliary structural units within the country's state bodies, aiming to enhance administrative efficiency and optimize governmental functions.
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