The report of the Central Bank of AR (CBA) on financial stability, including the first quarter of this year, has been issued. As of April 1, the external debt of the local banking sector was at the level of 6.4 billion manats or 22% of the total liabilities of the banking system.
In March, its refinancing rate was 89% and from 2009 to the end of 2014 - 150%, indicating a high potential of the banking system borrowing in foreign markets, the report says.
"It is estimated that local banks are resistant to refinancing the external debt and have sufficient liquid assets in foreign currency to meet the obligations on foreign loans," said CBA. --17D-
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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