Central Bank to continue ensuring financial stability in Azerbaijan (UPDATE)
Details added (first version posted on 11:44)
Baku, Azerbaijan, Feb. 26
By Azad Hasanli, Anvar Mammadov - Trend:
The Central Bank of Azerbaijan (CBA) will continue to assist banks to increase the liquidity after the creation of the Financial Market Supervisory Body as well, the CBA head Elman Rustamov told reporters Feb. 26.
"I believe that the Central Bank will retain this function," he said, adding that the creation of the Financial Market Supervisory Body doesn't mean that the CBA will not participate in ensuring financial stability in the country.
Rustamov noted that the CBA will cooperate with the new structure on these issues.
Moreover, he believes that the creation of the Financial Market Supervisory Body will require amendments to the banking legislation.
Further, touching upon the Islamic banking and creation of the relevant legislation, he noted that no official decision has been made on this issue so far.
"For present, it is just an intention and nothing more," said Rustamov.
President Ilham Aliyev signed a decree in early February to create a public legal entity- the Financial Market Supervisory Body - in Azerbaijan.
Once the charter of the Financial Market Supervisory Body enters into force, the State Committee for Securities of Azerbaijan, State Insurance Supervision Service under the country's finance ministry and Financial Monitoring Service under the Central Bank of Azerbaijan will be liquidated.