15:51 - 23.09.2019

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September 23, Fineko/abc.az. In the summer of 2017 the International Bank was allocated more than AZN 5 billion - if not for these funds, our banking system would probably have collapsed, ABC.AZ reports citing expert Akram Hasanov who assessed the state of the banking sector in Azerbaijan.

Hasanov, who generally estimates the past one and a half to two years as a period of stagnation in the banking sector, believes that there is no development in this area. According to the expert, despite the fact that in 2017 the International Bank was allocated AZN 5 billion for development, the bank is operating at a loss. “The International Bank continues to lose these AZN 5 billion. The bank’s profit last year did not even reach AZN 500,000.

 Even banks conceal a significant portion of losses. They provide financial statements with distorted information. Bad loans also do not actually decrease at all, but this is because most bad loans were created artificially. This money is loans issued to companies close to bank owners in exchange for a bribe. Therefore, they do not return,” said the expert.