AZERBAIJAN: In 2016 banks ensured 73.2% of financial sector all assets
Domestic banks' assets occupied a dominant position in total assets of the financial sector of Azerbaijan for the past year.
The government's report for 2016 says that the financial sector assets amounted to AZN 43 bn that is equal to 71.1% of the domestic gross product.
"The banks ensured 73.2% of all assets of the financial sector, and due to the transfer of toxic assets of Azerbaijan's international bank Agrarkredit, the share of non-bank credit institutions in assets made up 24.3%. The impact of the insurance sector and investment companies on financial assets is weaker," the report says.
Also, important steps were taken in 2016 to strengthen the financial infrastructure, including ensuring the sustainability of the deposit insurance system. Read the full story