IMF Held Talks at National Bank on Article IV of Agreement

Business Materials 7 September 2006 18:42 (UTC +04:00)

The mission of the International Monetary Fund headed by Vitaly Kramarenko, Deputy Director for Central Asia and Middle East, held consultations on Article IV of IMF Agreement at the National bank of Azerbaijan.

Trend reports with reference to National Banks release, at the meeting with NBA CEO Elman Rustamov the Fund experts have been informed with the last economic processes, expectations on inflation, prospects for years 2006 and 2007 within execution of budgetary forecasts.

Furthermore, the mission was familiarized with the main goals and framework of operations in monetary policy for the year 2007, the results of payment balance and positions on international investments, plans on foreign debt information upgrade and last trends on financial recovery.

The discussion with the IMF was held also on progress in banks recapitalization, trends on banks credit portfolio quality, banking control upgrade plans, planned and last changes in prudential (normative) acts, and also new data on stress-tests.

IMF mission was staying in Baku August 30 to September 6, 2006.