Details added (first version posted on 15:23)
Baku, Azerbaijan, Nov. 21
By Anvar Mammadov – Trend:
Azerbaijan needs to regain public confidence in the country's banking sector, Azerbaijani MP Ziyad Samadzade said.
Samadzade, who also chairs Azerbaijan’s parliamentary committee for economic policy, industry and entrepreneurship, was speaking Nov. 21 at a plenary session of the country's parliament.
On Nov. 21, discussions of Azerbaijan’s draft state budget and the concept of socio-economic development for 2018 and the next three years started in the country’s parliament.
Samadzade noted that at present, the Azerbaijani banking sector shows no activity in financing the economy.
“The Azerbaijani banking sector has sufficient assets, however, it doesn’t actively participate in the lending process,” he added. “That’s because the population has lost confidence in the banking sector.”
In addition, problems in Azerbaijan’s banking sector are being solved quite slowly, he said.
“First of all, it is necessary to reach consensus in resolving the problems between the Azerbaijani population and banks in the country,” he noted, adding that it is necessary to solve issues with problem loans and define their structure.