Central Bank to Azerbaijani defend banking sector from negative exterior impacts: General Director

Azerbaijan, Baku, Dec. 21 / Trend N.Ismayilova /

The Central Bank of Azerbaijan (CBA) will continue all necessary actions to support financial stability in the country, CBA General Director Khaqani Abdullayev said at the conference "Global financial crisis: the Azerbaijani safety effectiveness model and world experience International" held in Baku.

According to Abdullayev, in accordance with the legislation, the CBA will represent statement on monetary and credit policy's main directions to public in 2010.

The CBA summarizes the work. Soon the statement will be published. 

"The CBA aims at saving financial stability in 2010, since the global financial crisis has not completed and world financial markets have not stabilized yet. In this condition the shock flowing from abroad may influence the Azerbaijani banking sector," Abdullayev said

According to Abdullayev, CBA monitors and tests the probability of a negative impact on the country's banking sector as a result of such processes

"We will support the real sector and maintain the liquidity of banking sector in 2010 as we did in 2009, Abdullayev said

The primary mandate for the central bank is to maintain macroeconomic stability in the country within its authority, he added

"The average annual inflation has been set at three percent in the draft 2010 public budget during the discussions, and the CBA aims to maintain this inflation ratio. This forecast could change if economic growth in the country exceeds expectations, and if aggregate demand channels will be expanded more rapidly due to the increase of individual consumption, investment and state demand. The inflation forecast may be revised in the country in such economic situation," Abdullayev said

According to Abdullayev, the CBA intends to monitor the preservation of competitiveness in the country in 2010

"Some economists supported the devaluation of national currency this year. They believed this can be a factor strengthening competitiveness. However, researches show if higher inflation occurs after the devaluation, it could further hurt competitiveness in the country," Abdullayev said

According to Abdullayev, presently the most generalized index of competitiveness for the country is a real-effective exchange rate of manat as compared to Azerbaijani trade partners' currencies, which is changing in favor of Azerbaijan

"This figure has decreased by sixth percent compared to currency of three trade partners since early 2009. In 2010, we intend to support this process at least at a neutral level," Abdullayev said.

The CBA will pursue a policy on decreasing interest rates by banks and maintaining the stability of national currency, he added

Do you have any feedback? Contact our journalist at: [email protected]

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
Iranian Energy Exchange announces products to be on sale October 27
Armenian Armed Forces’ quadrocopter destroyed by Azerbaijani troops
Al Jazeera posts article covering aftermath of Armenian missile attack on Ganja
Baku's secondary housing prices show monthly decline
Investments in Iran's capital market increase
Uzbek Reconstruction and Development Fund to support creation of Export Support Fund
Turkey's export of defense products to Morocco plunges
Nagorno-Karabakh region to be liberated sooner or later: press secretary of Turkish president
USD falls against Uzbek soum for the first time in three months
Work connected with laying of gas pipelines on freed Azerbaijani territories kicked off (PHOTO/VIDEO)
Volume of maritime cargo shipment via Turkey from Spain disclosed
Turkmenistan significantly increases import of wheat flour from EAEU countries
Azerbaijani railway operator admitted to consortium of Trans-Caspian Transport Route
Georgia reveals results of 18 foreign exchange auctions conducted by National Bank
Iran Khodro reveals amount of funds saved thanks to domestic manufacturing
Export of Turkish-made defense products to China slumps
Armenian Armed Forces fire at school in Aghdam (PHOTO)
Assistant to Azerbaijani president comments on photo of Armenia's defense minister together with Armenian soldiers
Macron's anti-Islamic statements point to extreme misunderstanding of religion - Arab analyst
Uzbekistan’s Kashkadarya tops list of regions implementing foreign investments
Heritage Foundation's Foreign Policy Studies Center Director comments on photo showing Russian field camp set up near Armenian Tegh
Georgia sees increase in hazelnuts export
Georgia reveals volume of exported apples
U.S. regrets EU move on tariffs, seeks deal on Boeing-Airbus row
Russia seeking to be stabilizer in South Caucasus, says Russian expert
Uzbekistan discusses strengthening multilateral co-op with China and S. Korea
President Aliyev congratulates commanders of joint military corps who distinguished themselves in liberation of Gubadli city, villages of Gubadli district from occupiers
Review of statistics of people registered within state program 'Remotely from Georgia'
Volume of trade turnover between Turkmenistan, Russia’s Perm Krai revealed
Azerbaijani army does not fire at civilians - Defense Ministry
President Ilham Aliyev interviewed by Italian Rai 1 TV channel (PHOTO)
Iran launches new water treatment facility in Tehran
Iran studies Famotidine as Coronavirus treatment
Industrial production in Karabakh to increase in post-conflict period - CAERC head
Turkish president urges to boycott French goods
Work on power supply to strategic facilities in freed Azerbaijani territories underway (PHOTO)
Bank of Georgia suffers loss
S&P Global Ratings expects Azerbaijan's export to grow in next years
Iran’s Bahar Azadi gold coin price falling
Wildfire breaks out in Azerbaijan's Dashkasan district from Armenian attacks (VIDEO)
SOCAR considering new investments in Turkey
Romania's import of Azerbaijani products for 9M2020 revealed
Armenian Armed Forces fire at Azerbaijan’s Tartar district
Price of most Georgian companies’ shares up on London Stock Exchange
UK armed forces take control of ship in English Channel, seven people detained
Mobile phones and smartphones import down in Georgia
Azerbaijan confirms 131 more COVID-19 recoveries
Iran enlarges petrochemicals production
Azerbaijan hikes export to Belarus in 9M2020
S&P says Azerbaijani manat to maintain position against USD
German government raises 2020 GDP forecast to -5.5%
Turkmenistan ready to support contracts with companies of Russia’s Perm Krai
Recruiting children by Armenia against Azerbaijan is war crime, says Lebanese lawyer
President Ilham Aliyev: Azerbaijan restoring historical justice on battlefield
Azerbaijan's Aghjabadi district again under fire of Armenian Armed Forces
It is not worth using peacekeeping efforts of third states in settlement of Karabakh conflict - Georgian expert
Weekly digest of Azerbaijan’s energy sector
Uzbekneftegaz accelerates commissioning of technological devices due to autumn-winter period
EU's Barnier heads for London for Brexit deal talks
Corn oil produced by Georgian Plant Oil Company Qarva to enter supermarkets
President Ilham Aliyev talks proving to world that Karabakh is Azerbaijan's historical land
Turkey discloses 9M2020 data on cargo movement via its ports from UK
Armenia's leadership, criminal junta regime have no moral, ethical framework - Azerbaijani top official
Iran ready to fire at Armenian Armed Forces if they approach its border with Azerbaijan
Iran`s Quchan grapes exports revealed
Turkmen private sector provides half of industrial production in Balkan region
Amount of industrial enterprises launched in Iran's Hamadan soars
Iran reveals its COVID-19 data for October 26
Uzbekneftegaz eyes to increase natural gas production
Armenia never supports peace – Azerbaijani MP in interview to TRT World TV channel (VIDEO)
Karabakh conflict's settlement process is at hot point - Kremlin spokesman
Over 230 tankers with ACG oil shipped from Ceyhan terminal
Azerbaijani Prosecutor General's Office gives updates on civil casualties, damages
Iran's Shazand Oil Refining Company opens tender to buy equipment
Secretary of Iran's Supreme National Security Council slams French president
Canada points out importance of creating mechanism for resolving Nagorno-Karabakh conflict
EBRD supports construction of 100 MW wind farm in south of Kazakhstan
Georgian Tegeta Motors Company makes another deals
All nations in Azerbaijan united and will achieve victory - head of Russian community
Iran boosts generation capacity of thermal power plants
Kazakhstan's fixed investments volume decreases over 9M2020
Uzbekhydroenergo ready for foreign direct investment, says Fitch
German business sentiment falls on coronavirus angst
Turkey's 9M2020 export of defense industry products to Germany down
Polypropylene powder plant construction underway in Kazakhstan’s Shymkent
Azerbaijani Central Bank reveals amount of national currency attracted for deposit auction
President Ilham Aliyev announced names of villages of Zangilan, Jabrayil and Gubadli districts liberated from occupation yesterday
S&P says Azerbaijan's GDP to grow in coming years
Pakistan summons French ambassador to condemn 'Islamophobic' campaign
S&P Global Ratings affirms Azerbaijan's credit rating at 'BB +/B'
US slows down import of defense products from Turkey
New tomato greenhouse commissioned in Turkmenistan’s Balkan region
Kazakhstan doubles goods export to Croatia amid COVID-19
President's assistant talks Armenians using Azerbaijani military uniforms
Weekly review of Azerbaijani oil market
Information that Azerbaijan using military aviation - false – Defense Ministry
Cross-border money transfers in Uzbekistan down
Multi-apartment buildings in Turkmenistan's Dashoguz getting equipped with telephone networks
Kazakhstan's postal service operator to buy petrol via tender
Armenian Armed Forces shelling Azerbaijan’s Aghjabadi district - MoD
All news