Moody's: IBA still faces problems with open currency position


March 13, Fineko/abc.az. International rating agency Moody's Investors Service believes that the International Bank of Azerbaijan (IBA) still has problems with open currency position.

Moody's reported that despite difficulties, the IBA is restoring its solvency.

In January, Moody's upgraded long-term ratings of the IBA in foreign and national currency up to ‘B3’ from ‘Caa1’.

In September 2017, the IBA announced the completion of restructuring of external liabilities.

As part of restructuring, the state undertook those obligations and creditors received new securities issued by the state. On 1 September 2017, the Azerbaijani government placed bonds for $2.265 bn at the Irish stock exchange.