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Azerbaijan’s IBA not planning to attract external financing

29 July 2019 17:22 (UTC+04:00)
Azerbaijan’s IBA not planning to attract external financing

By Trend

The International Bank of Azerbaijan (IBA) does not plan to attract external financing in the near future, Trend reports referring to an interview with the bank’s general director Fuad Islamov published on the bank’s website.

According to him, on the one hand, the LIBOR rate (benchmark interest rate, short for London Interbank Offered Rate) is now noticeably higher and these funds are now much more expensive; on the other hand, the opportunities available in the country, the stability and liquidity of the bank, make it possible to raise funds in the required amounts from domestic resources.

"We constantly strive to develop international relations and improve international ratings. Ratings show our transparency and openness to foreign partners," Islamov said.

IBA, founded in 1992, is one of Azerbaijan’s two state-owned banks. The bank is at the stage of recovery since July 2015, which is associated with the preparation for the privatization of state-owned shares of the bank.

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