Moody's: Azerbaijan banks grow rapidly

Azerbaijan's banks have in recent years been benefiting from the rapid credit growth in the country, fueled by favorable economic conditions, Moody's Investors Service said in a new report.

There are good prospects for further franchise development, which mitigates the impact of growing competition, the agency said. However, the rapid growth poses challenges for banks' risk management, asset quality and capitalization levels, Moody's said.

The operating environment still displays flaws such as a weak legal system, poor governance and limited transparency, the agency added.

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