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Azeri External Public Debt Rising
Azeri External Public Debt Rising

Azeri External Public Debt Rising

Azeri External Public Debt Rising

Azerbaijan’s banking sector still remains sensitive to weak and complicated economic situation, Standard & Poor’s reported. “The restructuring plan of the state-run International Bank of Azerbaijan’s liabilities was approved by international creditors on July 18. According to our calculations, Azerbaijan’s external public debt will increase up to 9% of GDP”, the agency said, APA reported. S&P has removed the State Oil Fund of Azerbaijan’s deposits in IBA, which will be restructured, from the structure of Azerbaijan’s government liquid assets. “We think the situation surrounding IBA will unlikely affect other banks. However, the banking sector still remains sensitive to weak and complicated economic situation. According to the figures by the Central Bank of Azerbaijan, share of non-performing loans in the total portfolio makes up 12% as of May, 2017. However, we think that the level of toxic assets is higher in real”. S&P analysts say the monetary policy is not so effective, but, quick exchange rate of manat reduced pressures on the exchange rate of manat and the declining currency reserves.
 

 

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