16:11 - 7.11.2017

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November 7, Fineko/abc.az. The process of recovery of the banking sector in Azerbaijan is likely to continue for the next few years.

Finance Minister Samir Sharifov has stated that as the government has undertaken liabilities on external borrowings of the International Bank of Azerbaijan, the country saved $300 million.

"We’ve undertaken IBA’s liabilities, otherwise we should have declared a default of the IBA, but as a result, the volume of country’s foreign debt has grown by $2.4 bn. Bank's ratings continue improving and the Bank can continue to operate in a stable regime," the minister said.

According to Shariofv, the IBA depositors have not been affected by this process. The measures aimed to improve the banking sector are going to continue for the next few years.