Baku shows rapid growth as financial center
Azerbaijan, Baku, Nov. 15 / Trend A.Akhundov /
The CIS banking market has increased by half over the last year, even though volume remains low, the Chairman of the Coordination Council of the CIS Financial and Banking Council (FBC) Anatoly Kazakov said on Thursday, during a speech at the Fifth Baku International Banking Conference of CIS member states on "The financial markets of the CIS: new opportunities and global risks."
"The banking system of the CIS continues to grow. The volume of its assets has increased from one to 1.5 trillion dollars over the last year. However, the system and its integration are still weak. Even so, national currencies exhibit a tendency of positive growth," Kazakov said.
According to Kazakov, the CIS financial market has great potential.
"It is important to attract pension funds, Islamic financing, and long-term resources. It is important to strengthen the relations between financial centers in the CIS. Baku is turning into a serious, rapidly growing financial center, transiting flows from Asia and Europe," Kazakov said.
According to Kazakov, the next step in the development of the CIS Financial and Banking Council is its transfer into the Financial and Banking Union.
"We will consider the activation of measures to attract more banks to joint cooperation next year, because we need a common economic space," Kazakov said. "In five years, we have formed a good environment for bank communication and the attracting of investments."