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Expert: Some banks completed last year with significant losses

13.04.2021,11:46


April 13, Fineko/abc.az. The pandemic, as is known, has had negative impact on the banking sector, as well as on many other industries.

Commenting on the situation in the banking sector, expert economist Ekrem Hasanov told ABC.Az that there

"At that, there are banks that survived the past year quite hard, that is, with significant losses. On average, although the banks suffered, it was not fatal for them. Over the past month, our banks have even seen a slight increase in deposits. And this, of course, is due to the easing of the quarantine. At the same time, it is the creation of confidence in deposit insurance in Azerbaijan. As we know, the deposit insurance procedure has come into force in Azerbaijan since yesterday. Deposits of up to 100,000 manats are fully insured, and this has increased people's confidence. What happens next, as I said, will depend on the quarantine conditions. If the strict quarantine regime is re-introduced, the difficulties in the banking system will certainly increase. Otherwise, the banking system may recover. But problem loans are likely to grow at an increasing rate this year. Let's hope there will be no serious problems," Hasanov said.

By Elmir Murad