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KPMG makes audit of Azerbaijani Central Bank’s financial statements

12 May 2020 13:40 (UTC+04:00)
KPMG makes audit of Azerbaijani Central Bank’s financial statements

As of 2019, the Central Bank of Azerbaijan (CBA) increased the total assets compared to 2018 by 2.5 percent, local media reports referring to KPMG company’s audit report on CBA’s activity for 2019.

In accordance with the report, total assets increased for the year by 554.8 million manat ($326.3 million), reaching 22.6 billion manat ($13.3 billion). In the structure of assets, the biggest share (77.3 percent) accounted for debt securities in the amount of 17.5 billion manat ($10.3 billion), an increase of 6.6 percent.

Almost 22 percent of total assets accounted for cash and cash equivalents. The volume decreased from 4.9 billion manat ($2.9 billion) to 4.3 billion manat ($2.5 billion).

Some 1.6 percent of assets accounted for the settlements with the International Monetary Fund in the amount of 1.1 million manat that’s $647.05 million (a decrease by 0.5 percent).

As of December 31, 2019, CBA’s obligations amounted to 20.04 billion manat that’s $11.8 billion (an increase of 11.9 percent).

In the structure of the CBA’s obligations, the volume of banknotes and coins in circulation at face value increased by 24.4 percent to 10.4 billion manat ($6.1 billion) in 2019.

The CBA’s authorized capital remained unchanged in 2019 - 500 million manat ($294 million). At the same time, at the beginning of this year, the CBA’s capital reached 2.6 billion manat that’s $1.5 billion (a decline of 40.1 percent).

KPMG operates as a global network of independent member firms offering audit, tax and advisory services; working closely with customers, helping them reduce risks and use the opportunities.

The clients of the company are commercial corporations, governments and public institutions, as well as non-profit organizations. There are KPMG members in 147 countries. In total, they employ more than 219,000 people in a number of disciplines.

(1 USD = 1.7 AZN on May 10)

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