15:40 - 15.05.2020

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May 15, Fineko/abc.az. Due to the fact that 98% of AccessBank’s loans are given in manats, our deposit base is also concentrated in manats.

ABC.AZ reports that the above-said statement was made by AccessBank’s first deputy chairman of board Yevgeniya Gashikulina.

According to Gashikulina, at the beginning of the year the level of dollarization in the banking system exceeded 50%, while AccessBank observed it only by 30%.

"The agiotage among the population in March, caused by the fall in oil prices, put a strong pressure on the conversion in all banks, as a result of which the banking system as a whole suffered certain losses," Gashikulina emphasized.

She noted that since the structure of deposits was dominated much by manats, requests for conversion increased significantly: "In total, in March our Bank converted 40 million manat deposits into dollars.  In April, the situation has already stabilized – the population has calmed down somewhat, and the state policy played a decisive role in this. Thanks to that, we already expect growth in deposits in May and June. It should be emphasized that AccessBank did not experience any discomfort from angle of liquidity. We always maintain excess liquidity, and our internal risk standards are quite conservative. The limited amount of conversion was determined by the Bank's currency position and the dominance of manat assets."