Azerbaijan's banking sector maintains development dynamics
Azerbaijan, Baku, Sept. 30 /Trend, N.Ismayilova/
Azerbaijan's banking sector maintains the dynamics of development, said the Central Bank of Azerbaijan (CBA) said in a press release on Friday.
On Friday, the CBA hosted an event on the 20th anniversary of the restoration of Azerbaijan's state independence. The event focused on the country's achievements in socio-economic sector since independence, the report said.
"In addition, the function of financial intermediation always deepens that supports the development of non-oil sector and entrepreneurship. As a result of infrastructural and institutional measures, the attractiveness of the system for outside investors increases," the report said.
The event also stated that as part of the policy of the new economic doctrine, the poverty rate decreased by 4.5 times. The annual growth of national economy was 19 percent, which led to a fivefold increase in its volume. Successful implementation of the oil strategy helped to increase national exports by 12 times.
The Central Bank of the country, in turn, supported the establishment of a sustainable financial system, maintaining macroeconomic and financial stability and economic development.