Azerbaijan taking measures to preserve financial stability (UPDATE)
Details added (first version posted on 13:14)
Baku, Azerbaijan, June 25
The referendum held in the UK regarding the country’s leaving the EU (Brexit) has stepped up excitement in global markets, said the message of the Financial Market Supervisory Body of Azerbaijan June 25.
Considering potential impact of the Brexit on doing business in Azerbaijan, the supervisory body is studying and taking the necessary measures to preserve financial stability in the country.
Britons held a referendum June 23 on whether the UK should to stay in the European Union, or leave it. The voting results indicate that the campaign to leave the EU, known as the Brexit, has won with 51.9 percent of the votes.
The analysis carried out on the basis of expectations of uncertainty increase in the financial market, the market of goods and labor in the transition period of Brexit, shows that the structure and dynamics of Azerbaijan’s foreign trade, the US dollar-based relationships with key trading partners, the foreign currency structure of assets and liabilities of financial institutions have minimized its direct impact on Azerbaijan’s economy, as well as financial system, the country’s Financial Market Supervisory Body said in the message.
There are no fundamental reasons for the Brexit to have an instant and immediate impact on Azerbaijan’s financial stability, according to the message.
The Financial Market Supervisory Body of the country continues monitoring in this area, work is being carried out to neutralize the psychological impact of the Brexit, the message said.