EBRD intensifying activity in Azerbaijan
BAKU, Azerbaijan, Sept. 17
By Zeyni Jafarov – Trend:
The Central Bank of Azerbaijan (CBA) is cooperating with the European Bank for Reconstruction and Development (EBRD) to improve the legal framework of the repo market, the CBA told Trend.
“The CBA works closely with influential international financial institutions to support the reforms which are carried out in the country’s financial sector, as well as to apply the international experience and an innovative approach,” the message said.
“Various projects are being implemented within this cooperation,” the CBA said. “One of these organizations is the EBRD. The certain spheres for cooperation between the EBRD and the CBA are envisaged within the country strategy for 2019-2024, which regulates the cooperation between the EBRD and Azerbaijan.”
“Within this strategy, the work is underway together with the EBRD to coordinate the legal framework of financial instruments and the repo market in Azerbaijan and bring them in line with the international standards to develop the local capital market, improve the control mechanism in this sphere and develop the securities market,” the CBA said.
The projects implemented jointly with the EBRD played an important role in supporting the economic reforms in the country, macroeconomic stability, improving the finances, as well as developing the non-oil sector and modernizing transport infrastructure.