Assets and deposits in banking sector have grown - Vusal Gasimli

15:20 - 26.12.2019


December 26, Fineko/abc.az. For the past 11 months of the current year the State Budget surplus totaled AZN 957 million and the trade balance reached positive balance of $6 bn.

ABC.AZ was informed about that by Vusal Gasimli, the executive director of the Center for Analysis of Economic Reforms & Communications.

He added that strategic foreign exchange reserves reach $50 bn that is enough for 37-month imports of goods and services and exceeds the external debt by 6 times.

"In 2019 inflation was 2.6% less than the annual target. This year the manat rate rose to the Turkish lira, the euro, and the Georgian lari, while fell to the Ukrainian hryvnia, the Russian ruble and the Japanese yen, and most importantly, was stable to the US dollar. And the cheapening of the real effective exchange rate of the manat stimulated non-oil exports. Non-oil exports grew by 16%," Gasimli emphasized.

He added that as a result of tax and customs reforms and the fight against the shadow economy, the State Budget received additional AZN 1 bn in 2019. The package of social reforms implemented at the expense of the growing capacity of the State Budget cost AZN 2.3 bn and covered 4.2 million people.

Touching the matter of the banking sector, Gasimli stressed that the loan portfolio, assets and deposits, as well as the balance sheet capital increased: "External debt has decreased. Thus, the assets of the sector for the first 10 months of 2019 showed a rise of 6% against the same period of last year. Also, the net profit of the banking sector doubled compared with 2018. Banks' credit investments grew by 11%."

Author: Elmir Murad

 

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