Baku, Azerbaijan, Jan. 30
Trend:
The Central Bank of Azerbaijan (CBA) will increase efforts to improve stability of banks against risks in conditions of volatile economic environment in 2016, said the bank's chairman Elman Rustamov during the expanded board meeting dedicated to the results of 2015.
He said that in 2016, the bank will focus on stress tests, which will be carried out to preserve financial stability and effective governance in the banking sector.
"The Central Bank of Azerbaijan will continue measures that will strengthen the role of the financial and banking sector in supporting economic growth, and improve access of economic agents to loans," he said. "The development of cashless payments, extension of the introduction of electronic payments and innovative payment technologies will be among the priorities of the bank."
Rustamov went on to add that in 2016, the bank will be pursuing a policy that allows to increase flexibility of monetary policy, ensure financial stability of the national economy and its international competitiveness.
"Exchange rate policy in accordance with the new [floating rate] regime will aim to mitigate exchange rate fluctuations," he said. "At the same time, it is planned to take additional measures together with the government to balance the foreign exchange market."