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Meeting with Azerbaijani banks’ reps held in FIMSA

Finance Materials 25 October 2019 16:02 (UTC +04:00)
On Oct. 15, 2019, an economic meeting was held under Azerbaijani President Ilham Aliyev, at which the head of state, along with other areas of the country’s economy, also touched upon the current state in the financial markets, reforms being implemented to increase the efficiency and sustainability of the sector, specific tasks and obligations for the coming period were identified and instructions have been given
Meeting with Azerbaijani banks’ reps held in FIMSA

BAKU, Azerbaijan, Oct. 25

Trend:

On Oct. 15, 2019, an economic meeting was held under Azerbaijani President Ilham Aliyev, at which the head of state, along with other areas of the country’s economy, also touched upon the current state in the financial markets, reforms being implemented to increase the efficiency and sustainability of the sector, specific tasks and obligations for the coming period were identified and instructions have been given.

In order to fulfill the presidential instructions given at that meeting, a meeting was organized with the support of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) and the participation of the Azerbaijan Banks Association, as well as banks operating in Azerbaijan with a focus on consumer loans, to discuss activity directions, Trend reports Oct. 25.

The meeting was opened by acting Chairman of the FIMSA Board Ibrahim Alyshov. The acting chairman said that an increase in the banking sector indicators compared with previous periods is a positive fact.

Alyshov noted that the reforms carried out in Azerbaijan in the direction of ensuring the continued development of the economy, on the basis of the economic course of the country’s leadership, are highly appreciated internationally. Positive trends and development prospects generated by the reforms are reflected in the reports of the World Bank, the International Monetary Fund and other leading financial organizations, the acting chairman added.

Alyshov reminded that the Azerbaijani president noted at the economic meeting that consumer loans grew more than business loans, and this was one of the reasons for the recent crisis in the banking sector, and that the head of state added that banks were more inclined to issue consumer loans compared to the real sector, and this is a negative case. The president stressed the need for decisive steps in this direction, the acting chairman said.

Speaking at the meeting, representatives of the Azerbaijan Banks Association and individual banks, taking as a basis the issues raised by the Azerbaijani president at the above mentioned meeting and the reprimands associated with the financial and banking sector, expressed readiness to take measures against the backdrop of cooperation with FIMSA, and also to collaborate with relevant government agencies to generate sufficient demand in the real sector in order to increase the share of business loans in the overall portfolio.

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