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The share of non-bank credit organizations in the financial system of Azerbaijan is 1.6 percent.
As Day.Az reports with reference to Trend, this was stated by the Deputy Director of the Department of Financial Stability of the Central Bank Atakhan Gasanov during the conference on the topic “Innovative solutions for sustainable microfinance”.
“The share of non-bank credit organizations in the financial system of Azerbaijan is 1.6 percent. Despite this, it is in this sector that one of the highest dynamics of development among financial sectors is observed. Over the nine months of this year, the assets of NBCOs increased by 30 percent and reached 980 million manat “Such high growth dynamics in microfinance organizations indicates, on the one hand, the significant development potential of this area, and on the other, the relevance of risk management issues in this area,” he said.
Hasanov noted that since the share of microfinance organizations in the financial system is small, they cannot be considered as a factor of systemic risks from the point of view of financial stability.
“However, the specific activities of these organizations presuppose their exposure to various multifaceted risks. Among them, the most significant is financial and credit risk,” he said.
Let us remind you that Azerbaijan is preparing new rules for managing credit risks