Assistance Alternatives to Azerbaijan’s Interbank Market Being Determined Prior to IMF Technical Mission Visit
Azerbaijan, Baku/ Trend , corr. I. Khalilova / Basil Zavoico, the Chief of the IMF Baku Representative Office, has said today that he has held the next scheduled meeting in the National Bank of Azerbaijan (NBA) in order to discuss alternatives of technical assistance, the International Monetary Fund (IMF) may render the NBA in the development of Azerbaijan's interbank market.
According to Mr. Zavoico, an IMF technical mission, headed by Obert Niavata, the Chief Economist of the IMF Department for Monetary Policy and Capital Market is expected to arrive in Azerbaijan on 16 April to review the interbank market of the country. The visit of the IMF mission is expected to last until 27 April.
According to Mr. Zavoico, the NBA requires assistance in the field of banking supervision. "Some issues with the development of the capital market are becoming apparent, particularly with state the securities market. We are going to make an inquiry on this issue," he said.
The NBA has requested assistance from IMF for the program on improving banking supervision, as the existing program is coming to its end.
IMF is presently rendering technical assistance to the NBA on issues connected to foreign trade, payment balance, and determination of its position on international investing. In November 2006, IMF dispatched Natalya Ivanchuk, the Permanent Advisor of the IMF Statistics Department, to Azerbaijan for assistance. IMF's technical aid will be considered for Azerbaijan and Georgia, but the consultant will reside in Baku. Notably, these consultation services are considered for one year.