Azerbaijani banks interested in strengthening dialogue with market regulator

Azerbaijan, Baku, October 1/Trend, E. Aliyev/

A dialogue between the market regulator, Azerbaijani Central Bank (CBA) and commercial banks is very important for development of the banking system, according to the Executive Director of Azerbaijani Unibank Jalal Gasimov.

According to him, the participants of the market and its regulator have different views on the situation in the market.

"The Central Bank as the regulator views the market from a macroeconomic point of view, while the banks participating in the market - from a microeconomic point of view. The benefit of a mutual dialogue between the banks and the CBA is that, for example, the Central Bank can explain certain decisions to market participants, because it sees and evaluates the macroeconomic consequences that might not be visible to the market now that may emerge in the medium to long term. in turn, banks have the opportunity to appeal to the CBA with proposals or comments on various matters of interest, " Gasimov told Trend.

"The more banks will be involved in this dialogue, the more participants of the market will take part in the exchange of views and corrections of their activities depending on the results of this exchange, the greater benefit it will bring to Azerbaijan's entire banking sector, the Executive Director of Unibank added.

"As the Central Bank plays a key role in ensuring the sustainability of the country's banking system," Gasimov said.

According to the data received from the Central Bank, the deepening of Azerbaijan's banking sector continued in the first six months of 2013 and the ratio of bank assets to the GDP increased by 40 percentage points and hit 67 per cent in last five years.

Earlier, the CBA chairman Elman Rustamov said that the CBA expects this figure to hit 100 per cent in next ten years.

The assets of the banking sector increased by 1.66 billion manat or 10 per cent and hit 18.19 billion manat by the end of the first year-half.

The volume of loans, which account for 74 per cent of bank assets increased by 12.5 per cent from the beginning of the year and hit 13.42 billion manat. Despite of some 1.9 per cent of decrease on the volume of funds attracted from non-financial and financial sectors. The contributions of individuals increased by 15.8 per cent and amounted to 5.92 billion manat during the reported period.

Official exchange rate on October 1 is 0.7845 AZN/USD.

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