As of September 1 this year, the assets of Azerbaijan's banking sector amounted to 62.476 billion manats. According to FinFly.News calculations based on data from the Central Bank of Azerbaijan (CBA), this figure is 6.804 billion manats, or 12.2%, higher than on September 1 last year.
In the reporting period, the banks' total liabilities stood at 54.723 billion manats, while balance sheet capital was 7.753 billion manats. It is noted that in August, total assets grew by 2.5%, total liabilities by 2.6%, and the banks' balance sheet capital by 1.4%.
Against the backdrop of growth in the banking sector, the Central Bank of Azerbaijan also announced the results of reforms being carried out to strengthen the resilience of the financial system.
Shahin Mahmudzade, Director General of the Central Bank of Azerbaijan, commented on the matter at the 20th Global Islamic Finance Forum, held as part of the Annual Meeting of the Islamic Development Bank (IsDB) Group in Baku.
"Over the past three years, we have modernized the regulatory framework in the banking sector not only in traditional areas, such as the transition to the latest accounting standards, but also in new areas — market conduct, ESG and others. A number of amendments have also been made to the legislation in force in the capital market. Draft laws on rating agencies, derivative financial instruments, venture capital, crowdfunding and other draft laws have been prepared and submitted to the government," Mahmudzade said.
