(MENAFN- Trend News Agency) BAKU, Azerbaijan. Oct. 30

By Zeyni Jafarov - Trend:

The banking sector of Azerbaijan looks more stable than predicted, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said, Trend reports.

Rustamov said that the bank continues to conduct in-depth analyzes of the situation in the banking market following the results of the third quarter of this year and very soon it will become possible to provide the public with detailed information in this direction.

The chairman also noted that in the loan portfolio of banks, due to the impact of the coronavirus pandemic (COVID-19) on this sector, deterioration has aroused. However, the deterioration will not have a significant impact on the overall situation.

The monitoring tests for banks will be continued in order to prepare for possible unforeseen scenarios, said the chairman.

An online press conference of the CBA was held on the decision of the Central Bank's board on the parameters of the interest rate corridor.

As a result, it was decided to leave the discount rate at 6.5 percent.

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