Deeper recession averted in Azerbaijan, says CBA chairman

Finance Materials 22 October 2020 12:03 (UTC +04:00)
Deeper recession averted in Azerbaijan, says CBA chairman

BAKU, Azerbaijan, Oct.22

By Zeyni Jafarov – Trend:

Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov took part in a meeting of the International Monetary Fund (IMF) with the participation of the chairmen of the Central Banks of the Caucasus and Central Asian region in the format of a video conference, Trend reports citing the CBA.

According to the bank, the meeting was devoted to the exchange of views on the challenges in the global financial system during the COVID-19 pandemic, protecting financial stability and supporting economic recovery, as well as support policies in the financial sector.

Speaking at the meeting, Rustamov noted that all countries of the world have undergone an unprecedented combination of shocks in 2020.

“The situation that developed due to the pandemic had an impact on the Azerbaijani economy, which is closely integrated into the world economy. However, the macroeconomic management platform created in previous years, financial buffers, and many years of experience in crisis management have limited the channels for these shocks to influence the economy and the financial sector. Thanks to the proactive anti-crisis measures, macroeconomic stability in the country was preserved and a deeper recession was prevented,” said the CBA chairman.

Along with this, Rustamov informed the participants about the next military aggression of Armenia against Azerbaijan, starting from September 27.

“As a result of attacks by the Armenian armed forces in several cities, villages and other settlements of Azerbaijan, civilians were killed. Moreover, houses, schools, hospitals, and other social infrastructure were destroyed. In response to the provocations committed by the Armenian armed forces, the Azerbaijani army carried out a counter-offensive operation and liberated several cities, villages, as well as important heights from occupation. To fully ensure the territorial integrity of Azerbaijan, the fighting continues,” he stressed.

Rustamov stressed that to achieve sustainable peace, it is necessary to observe the norms and principles of international law, to ensure the implementation of the resolutions of the UN Security Council, immediately and unconditionally withdraw the occupying Armenian troops from the Azerbaijani lands, thereby ensuring the territorial integrity of Azerbaijan.

The CBA chairman also said that macroeconomic policy, including financial stability policy, will address the new challenges that the national economy will face in the post-pandemic period and will support a sustainable recovery of economic growth, increasing the stability and inclusiveness of the financial sector.

At the end of the meeting, the importance of cooperation for reducing the negative consequences of the pandemic and accelerating the recovery process in the economy during the post-pandemic period was highlighted.

To strengthen the role of the financial sector in high-quality economic growth, the cooperation initiated within the financial sector assessment program with the IMF and the World Bank (WB) will be continued to conduct a comprehensive and profound diagnosis.


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