IBA Sees No Necessity in Establishing Export-Import Bank in Azerbaijan

Azerbaijan Materials 21 February 2007 20:31 (UTC +04:00)

Azerbaijan, Baku /Trend, corr. I. Khalilova / Elmar Rustamov, the Chairman of the Board of the National Bank of Azerbaijan (NBA) sees no necessity in establishing Export-Import Bank at the existing stage of the development of the oil sector of the country, Trend reports. According to him, the scope of the export of Azerbaijan-produced goods is not so high to found a separate financial institutes.

Mr. Rustamov considers that with the implementation of the non-oil sector development strategy in the country, as well as within Azerbaijan joining WTO, the Government of the Country will do its best to maximally protect the interests of the national production development. Conditions for the stimulation of the export of Azerbaijani goods to foreign markets, can compete with import.

"During the implementation of the strategy and at increasing the financial capabilities, we may return to the issue on establishing Export-Import Bank," said Mr. Rustamov.

He considers that returning to old ideology is wrong and that business should be built on commercial bases under conditions of market economy.