BAKU, Azerbaijan, October 23. The share of
non-bank credit score organizations (NBCOs) in Azerbaijan’s monetary
system stands at 1.6 %, Deputy Director of Monetary
Stability Division on the Central Financial institution Atakhan Hasanov mentioned at a
convention on “Modern Options for Sustainable Microfinance”
at the moment, Development
studies.
“The share of non-bank credit score organizations (NBCOs) in
Azerbaijan’s monetary system is presently 1.6 %. Regardless of
this comparatively small determine, the sector is experiencing one of many
highest progress charges amongst monetary sectors. Within the first 9
months of this 12 months, the property of NBCOs surged by 30 %,
reaching roughly 980 million manat. This sturdy progress in
microfinance organizations displays each the numerous potential
for growth on this space and the urgent want for efficient
danger administration,” he mentioned.
Hasanov additionally emphasised that given the small share of
microfinance organizations within the monetary system, they need to not
be thought of a systemic danger issue when it comes to monetary
stability.
“Nevertheless, the particular actions of those organizations expose
them to varied multifaceted dangers, with monetary and credit score danger
being probably the most vital,” he added.
