Azerbaijan launches arrangements to post-crisis situation: head of Central Bank

Azerbaijan, Baku, June 11 / Trend , I.Khalilova/

It is necessary for Azerbaijan to develop a large packet of documents, Chairman of the Central Bank Elman Rustamov said.

"The developed bill [the amendments to the laws" On National Bank" and "On Budget System", "Deposit Insurance" (already approved), "Tax Code"], are part of the package," said Rustamov.

He said in a crisis, the economy needs a large infusion of cash resources to ensure sustainability of the budget system, easing monetary and exchange rate policy and it is necessary to simplify tax burden to support the real sector.

"These activities will support the development of non-oil sector, since the Azerbaijani economy has not remained aside from the world processes," Rustamov said.

To increase the flexibility of the Central Bank and the tools for rapid response under the ongoing global crisis and solve problems to overcome the post-crisis situations, it has been offered to amend the law "On the National Bank" that were discussed at a parliamentary committee on economic policy on June 10.

If they are adopted, the Central Bank under certain conditions will be able to issue bank loans, including subordinated. So far, the Central Bank could issue loans to commercial banks for a period of six months, with possibility of prolongation for another six months, which is very short due to the crisis, Rustamov said.

Moreover, the Central Bank will be authorized to finance projects of socio-economic significance, including providing financial assistance to the real sector of the economy, issue loans to banks under a state guarantee. Through these targeted loans, it is possible even to support areas such as the aluminum industry, which today is in need of financial aid, and banks cannot implement it by own means.

Rustamov said these changes are part of anti-crisis measures, as at present it is necessary to enhance the status of the Central Bank as an independent structure.

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