2017 October 27 ( Friday ) 17:25:31
- Decline in AZN Rate Promotes Export Growth - Financial Stability Board
- IBA Announces Profit for Nine Months
- Foreign currencies rates fixed by Central Bank
Baku / 27.10.17 / Turan: Decreasing the real effective rate of AZN encourages the growth of non-oil exports. This was announced at a meeting of the Financial Stability Council (FSC) on October 26, chaired by Prime Minister Arthur Rasizadeh.
At the meeting, the report prepared by the FSC Secretariat on the work carried out over the past period for medium-term plans was discussed.
It was noted that the balance of payments surplus had been restored, and the strategic currency reserves had increased.
The situation on the foreign exchange market stabilized, and the supply again exceeds the demand for foreign currency. At the same time, the exchange rate of the national currency strengthened. "The real effective rate of AZN for the non-oil sector has fallen by 38% compared to the beginning of 2015, which contributes to the growth of exports and replacement in the domestic import market," the FSC Secretariat said. These and other factors led to a 2.5% increase in non-oil GDP.
The FSC message also recalls the situation in the International Bank of Azerbaijan. The Council positively assesses the progress of the bank"s recovery process at the expense of state support.
FSC was established in July 2016 by decree of the head of state with the aim of ensuring macroeconomic and financial stability. The Council includes an assistant to the President on economic issues and the heads of financial departments.
Independent economists in turn believe that without serious economic and political reforms, a sustainable recovery of the financial system and economic development in the medium and long term will not be possible. And administrative decisions of the issue will not solve the problem radically. -----08D
Baku / 27.10.17 / Turan: OJSC International Bank of Azerbaijan raised balance profit for the first nine months of 2017 in the amount of 469.9 million manat, according to the balance sheet https://ibar.az/site/assets/files/3384 /balans_hesabati.pdf of the bank.
For the first nine months, IBA obtained about 405 million manat in interest and related incomes. Interest payments of the bank made AZN 131.4 million. In non-interest transactions (AZN 464.5 million), it raised AZN 344.3 million for three quarters.
As of October 1, IBA assets amounted to 7.1 billion manat, of which 2 billion 217.4 million manat is loans given to customers, taking into account the reserves for them. The Central Bank still has deposits of 3 billion 50.9 million manat. In securities, the IBA has invested 268.4 million manat of its assets.
In the IBA at the beginning of October this year, there were funds of banks and other financial institutions for a total of 2 billion 348 million manat. Timed deposits of the population and companies in the IBA are estimated at more than 1 billion manat. Demand deposits of legal entities amount to 2 billion 375.4 million manat, and those of individuals are 437.4 million manat.
According to the report, shareholders" equity of the bank is 319.4 million manat. It should be noted that the paid authorized capital of the IBA exceeds 1.2 billion manat. In other words, the bank did not restore its capital after the loss of solvency in early 2015. The state represented by the Ministry of Finance, the State Property Committee and CJSC Agrarkredit own over 95% of the shares of the IBA. ---08B--
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