Moody’s noted a high likelihood of Azerbaijani government backing for major banks, citing the sovereign wealth fund and central bank reserves surpassing 100% of GDP by the end of 2023. This robust fiscal position supports the economy and the predominantly USD-based banking sector, representing about 35% of GDP. The assessment reflects the systemic significance of three banks, contributing to 58% of total banking assets, which stood at AZN 49 bln at year’s end, equating to 35% of the GDP.