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.

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