Vusal Gasimli: Banking assets of OTS countries approach $1.2 trillion

Banking assets of the Organization of Turkic States (OTS) countries have approached $1.2 trillion, accounting for 0.8% of the global total, Vusal Gasimli, executive director of the Center for Analysis, Economic Reforms and Communications, said at the 10th International Finance and Banking Summit in Baku, Report informs.

"The combined GDP of the OTS countries exceeds $2.1 trillion, accounting for approximately 3% of the global economy. Last year, average economic growth in the organization's countries exceeded 6%. The highest growth was recorded in Kyrgyzstan over 11%, in Uzbekistan over 7%, and in Kazakhstan over 5%," Gasimli said.

He noted that the financial and banking sector in the OTS region has significant potential for further development.

"The total volume of savings in the OTS countries reached $670 billion last year - 2.3% of global savings," Gasimli added.