Baku, Azerbaijan, March 4
By Anvar Mammadov - Trend:
A committee on financial market stability regulation will be created in Azerbaijan, head of the working group on the establishment of the country's financial market supervisory body Rufat Aslanli said.
He made the remarks March 4 while speaking at a plenary session of the Azerbaijani parliament.
"The Central Bank of Azerbaijan, the ministry of finance and the financial market supervisory body of Azerbaijan will sign a special memorandum," Aslanli said. "Signing of this document has already been agreed upon."
The head of the working group said that the new body is planned to be called the 'Committee for Financial Stability'.
He said the mentioned committee must be set up to ensure stability and sustainability in the financial sector, resolving liquidity issues. This is one of the points of the new mechanism, which consists of three main elements, he said.
The head of the working group said that these elements include improvement of systemically important banks, solving the problems with liquidity in banks regardless of their role in the system, and, finally, the total risk portfolio adjustment.