Central Bank chairman: Azerbaijan maintains macroeconomic stability

Central Bank chairman: Azerbaijan maintains macroeconomic stability

BAKU, Azerbaijan, April 23

By Eldar Janashvili - Trend:

The tasks assigned to the economic regulation institutions and the financial sector in connection with the macroeconomic situation and socio-economic development in Azerbaijan are constantly on the agenda, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said.

Rustamov made the remark in Baku at the meeting of the Council for Cooperation with Entrepreneurs under the CBA Board, Trend reports referring to the CBA.

“The macroeconomic stability is maintained in Azerbaijan,” Rustamov added. “The inflation rate is at an acceptable level. The national currency - manat is stable. The situation has normalized in the foreign exchange market.”

“Moreover, the situation is satisfactory in the banking sector, liquidity is normal, the restoration of credit activity is underway,” the chairman said. “At the same time, there is an increase in business lending and a decrease in consumer loans. The savings base of the population has been recently increasing and the process of de-dollarization tendencies was launched.”

Rustamov stressed that one of the main issues today is to ensure a stable, predictable macroeconomic environment.

“Under the new conditions, the macroeconomic framework must be established for stability to be maintained in terms of low oil prices,” the chairman said.

Touching upon the results of the previous meeting with entrepreneurs and heads of commercial banks, Rustamov stressed that most of the issues raised by business entities at the recent meeting have already been resolved.

“Thus, liberalization of the regulation of import operations has already been carried out,” Rustamov added. “The big work has also been carried out within the council on the introduction of a payment settlement system in Azerbaijan.”

“In response to the calls of the president, the active work is underway to expand the ties between the financial and real sectors, to issue the unsecured loans in rural areas and to support the self-employment program,” the chairman said.

Another meeting of the Council for Cooperation with Entrepreneurs under the CBA board was held online on April 23. The representatives of the Azerbaijani National Confederation of Entrepreneurs (Employers') Organizations, the Azerbaijan Banks Association, the banking sector and entrepreneurs attended the meeting.

The main goal of the meeting was to determine the spheres of cooperation with the banking sector in overcoming the situation and the difficulties that entrepreneurs face during the period of the COVID-19 pandemic.

While speaking at the meeting, first of all, Rustamov spoke about the consistent work being carried out under the direct supervision of Azerbaijani President Ilham Aliyev to reduce the impact of the global economic crisis on the national economy and protect public health, ensure the economic activity, ongoing urgent measures, tasks set for the financial sector in this sphere.

During the discussions, the participants stressed the restructuring of credit obligations to the banking sector, the issuance of new loans to solve the issue related to the working capital deficit in the current activity, the adoption of additional measures to improve the foreign exchange market.

The participants also stressed the consideration of the possibility of using cash in settlements, especially in small business, consideration of the possibility of using the calculations on the basis of receipts in this sphere, simplification of requirements on microcredit mechanisms, as well as widespread use of guarantee mechanisms to intensify business lending.

Bombardier to overhaul Israel Railways carriages
Bombardier to overhaul Israel Railways carriages
Israel registers 5,825 new COVID-19 cases, totaling 547,689
Israel registers 5,825 new COVID-19 cases, totaling 547,689
Israel economy likely to grow 4.6% in 2021, says finance ministry
Israel economy likely to grow 4.6% in 2021, says finance ministry
Loading Bars
Azerbaijani ministry discusses damage to Kalbajar's flora caused by Armenia (PHOTO/VIDEO)
Azerbaijan talks COVID-19 vaccination document for traveling abroad
Istanbul International Airport declared to be busiest airport in 2020
Solo-show of Azerbaijani artist highlighted in foreign media (PHOTO)
New solar panel station launched in Iran's Yazd Province
IEA forecasts Azerbaijan’s 2021 oil output
HSBC to axe 82 branches in UK, cut services in others
Iran progresses with gas production, distribution
French media reported second Karabakh War only from Armenia's viewpoint - famous photojournalist (PHOTO)
Iran's budget plan aims to solve problems of low-income households
Kazakhstan's 2020 coal extraction volume exceeds plan
Netherlands slightly increase petroleum oil exports volume from Kazakhstan
Uzbekistan’s coal production significantly increases in 2020
Gold price down in Azerbaijan
Armenia's revanchist statements against Azerbaijan threaten primarily its people - Ukrainian expert
Azerbaijan discloses timeframe for commissioning Victory Road to Shusha city (PHOTO)
Georgia reveals revenues from tourism in 2020
Uzbekistan considers measures for expanding industrial products export
Georgian Adjara boosts tangerine exports as subsidy program continues
IEA talks Kazakhstan's OPEC+ deal compliance says oil production remains unchanged
Azerbaijan confirms 949 more COVID-19 recoveries
Azerbaijan's contribution allows reducing greenhouse gas emissions - minister
Azerbaijan ranks with top CIS countries having least public, foreign debts in 2020
Share of Chinese goods in Azerbaijan's total imports grows markedly
Azerbaijan bans import of plastic bags, disposable tableware
Iran reveals COVID-19 data for January 19
Uzbekistan's MFA talks co-op plans with Turkmenistan for 2021
Trade remains main target of Georgian commercial banks for financing
Kazakhstan expands list of activities for several special economic zones
Azerbaijani transport agency's chief sums up activities in 2020
Director of Azerbaijani IT company talks partnership with Slack company
Baku Higher Oil School to host webinar on ‘Natural Resources of Karabakh’
IEA assesses Azerbaijan’s compliance with OPEC+ deal
Azerbaijan ready for co-operation with Iranian companies
Azerbaijan expanding railway co-op with Iran
New copper and gold field discovered in Azerbaijan
Almost 90% see market bubbles in Deutsche Bank investor survey
Uzbek MFA names latest data of trade turnover with Turkmenistan
Boeing 737 MAX to get EU flight clearance next week
President Aliyev receives Secretary-General of Cooperation Council of Turkic-Speaking States in video format (PHOTO)
How much Azerbaijan's population spend on automobile fuel in 2020?
Kazakhstan reports annual increase in production of gold, zinc ore
Uzbek-Korean JV extends tender for purchase of hydraulic ejector
Azerbaijani president expresses condolences to Indonesian counterpart
Turkmen company starts export of environmentally friendly building materials
Kazakhstan’s freight transportation operator opens tender to buy fuel
Azerbaijan's Economy Ministry unveils volume of sold products in industrial parks
Iran's trade turnover with India shrinks
Charter, structure of Azerbaijan's Karabakh Revival Fund approved - decree
Azerbaijani company talks restoration of water supply sources to Shusha (Exclusive)
Chaos as snow hits Japanese highway, 134 cars in crashes
UK health secretary Hancock says self-isolating until Sunday
Uzbekistan’s Central Bank reveals balance payments deficit for 2020
SOCAR unveils Azerbaijan's 2020 crude oil production
SOCAR talks last year's crude oil exports abroad
Azerbaijan names future activity directions of Karabakh Revival Fund
Iran declares foreign investments made in Arvand Free Trade Zone
Azerbaijani Central Bank unveils amount of foreign currency sold to local banks
Uzbekistan plans to increase popularity of contactless payments
Value added in Azerbaijan's non-oil sector declines
Azerbaijani currency rates for Jan. 19
Uzbekistan, India talk resuming of flights
Azerbaijan shows footage from Shekerjik village of Fuzuli district (PHOTO/VIDEO)
Turkey ratifies free trade agreement with Azerbaijan
Iran, Azerbaijan sign MoU to develop economic co-op
Bitcoin overtakes "long tech" as most crowded trade
JP Morgan expects Azerbaijan to increase crude output in 2022
British hospitals use blockchain to track COVID-19 vaccines
Laying of pipeline from Iran's Jask oil terminal launched
Construction department of Turkmenistan's Mary region opens tender
Iran's Bandar Imam Petrochemical Company implementing its production plan
JP Morgan’s estimates on Azerbaijan’s 2021 crude oil output
Kazakhstan's only lowcoster resumes flights operation on several routes
Georgia reports 1,550 new coronavirus cases for Jan.19
Azerbaijan ups gas production in 2020
Azerbaijan and Iran signed cooperation memorandum on railway sector
Kazakhstan boosts trade with Lithuania despite COVID-19
China's Geely to work on smart car technologies with Tencent
Uzbekneftegaz carries out repair work of gas pumping units at compressor station
Uzbekistan announces tender for greenhouses construction
Nizami Ganjavi int'l center developed as recognizable global platform, contributing to promotion of Nizami Ganjavi's name - Member of the Presidency of Bosnia and Herzegovina
Iran, Turkey sign documents to increase potential of railway transport
Enguri HPP rehabilitation project remains vital for Georgian energy security - Economy Minister
Kazakhstan sees annual decrease in cargo transportation volume amid COVID-19
Municipal administration of Turkmenistan's Balkan region extends tender for reagents purchase
Turkey can normalize relations with Armenia depending on stable ceasefire in Karabakh - FM
World Bank confirms its readiness to support Georgia in its European integration
BHOS Presidential Scholar: ‘For me, Kelbajar is Azerbaijan, the Motherland revived in memories’
Instrumentation equipment installed at gas treatment unit at Uzbekistan’s Shurtan field
Turkmenistan, UK consider opportunities for co-op in agricultural sector
Singaporean company embarks first stage of modernization of superphosphate plant in Uzbekistan
Iran plans to hold exhibition of construction materials in Azerbaijan
Turkmenistan in top ten countries with cheapest gasoline - Globalpetrolprices
New road bridge to be built between Azerbaijan and Iran in Astara
Azerbaijani oil prices grow
Iran's interests to be met by Azerbaijan-Nakhchivan railway
Iran, Azerbaijan to sign preferential trade agreement within the next month
Azerbaijani company reveals expected volume of colored glass production at future plant
Brent crude edges up as optimism over economy outweighs fuel demand concerns
Uzbekistan eyes increasing competition in automotive industry
All news