Bloomberg: Moody`s Downgraded Banks in Azerbaijan to "Negative"
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-
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- Economics
- 24 February 2015 11:54
Economics
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