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“Azerbaijan’s financial, banking sector will show positive dynamics in 2018”

Business Materials 27 December 2017 15:46 (UTC +04:00)
Azerbaijan’s financial and banking sector will show positive dynamics in 2018
“Azerbaijan’s financial, banking sector will show positive dynamics in 2018”

Baku, Azerbaijan, Dec. 27

By Anvar Mammadov – Trend:

Azerbaijan’s financial and banking sector will show positive dynamics in 2018, Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication, told reporters in Baku Dec. 27.

He said that the reforms carried out in Azerbaijan’s financial and banking sector in 2017 conditioned its gradual recovery.

“The sector’s recovery is mainly expected at the expense of activity of the Mortgage and Credit Guarantee Fund, which should lead to facilitation in lending,” Gasimli said. “This will also make it possible to ensure mobilization of financial resources and channel them to lending to the country’s economy.”

On Dec. 26, Azerbaijani President Ilham Aliyev signed a decree amending the Decree on Establishment of the Azerbaijan Mortgage Fund OJSC, dated Oct. 27, 2015.

In accordance with the decree, the Azerbaijan Mortgage Fund OJSC and the Credit Guarantee Fund merged.

Thus, the newly established Azerbaijan Mortgage and Credit Guarantee Fund is a legal successor of the Azerbaijan Mortgage Fund OJSC and the Credit Guarantee Fund, and all their rights and responsibilities, as well as property are transferred to the Azerbaijan Mortgage and Credit Guarantee Fund.

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