Azerbaijani banks reported sharply increased values of guarantees and letters of credit (L/Cs) issued last year.

According to official figures, the country's commercial banks issued more bank guarantees and L/Cs during 2010 than in any other year in history.

Guarantees

Azerbaijan's commercial banks issued guarantees during 2010 worth 44.1 million Azerbaijani manats (AZM44.1 million), according to the Central Bank of Azerbaijan (CBA).

It said this compared with guarantees worth just AZM18.5 million issued in the previous year.

L/C values

During 2010, the commercial banks issued L/Cs worth AZM430.8 million according to the CBA.

This compared with L/Cs valued at AZM284.5 million issued during 2009 the central bank said.

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