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Azerbaijan Financial Stability Council to work in IBA recovery

Business Materials 29 December 2016 12:08
A special plan of actions will be prepared in order to speed up the recovery of Azerbaijan’s biggest bank, International Bank (IBA).
Azerbaijan Financial Stability Council to work in IBA recovery

Baku, Azerbaijan, Dec. 29

By Anvar Mammadov – Trend:

A special plan of actions will be prepared in order to speed up the recovery of Azerbaijan’s biggest bank, International Bank (IBA).

This is envisaged in President Ilham Aliyev’s decree on approval of the draft state budget for 2017.

The decree instructs Azerbaijan’s Financial Stability Council to prepare the plan of actions.

According to the decree, the council is instructed to prepare and approve a monetary program for 2017, as well as a plan of actions to ensure macroeconomic and financial stability for 2017 and medium-term period that should include measures on intensifying the IBA’s recovery.

The Financial Stability Council was created under the decree of the Azerbaijani president in order to further strengthen macroeconomic stability and financial sustainability in the country, conduct coordinated policy in this sphere and others. The council is chaired by Azerbaijan’s Prime Minister Artur Rasizade.

On July 15, 2015, Azerbaijan’s President Ilham Aliyev signed a decree on measures on the recovery related to preparation for privatization of the state-owned shares of the International Bank of Azerbaijan.

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