BAKU, Azerbaijan, Aug.2
By Zeyni Jafarov - Trend:
Stabilization in the financial-banking sector of Azerbaijan, after the crisis caused by the COVID-19 pandemic, continues, and liquidity and capital adequacy are at a high level, Executive Director of the Center for Analysis of Economic Reforms and Communications (CAERC), Doctor of Economics, Professor Vusal Gasimli told Trend.
According to Gasimli, since the early 2021, credit investments have grown by 3.3 percent, deposits - by 7.7 percent, deposits of the population - by 5.3 percent, and net external assets of banks - by 10.3 percent.
"The priorities of the country's monetary policy this year are the stability of the national currency and prices, the effectiveness of monetary policy, ensuring the stability of the financial sector and supporting the recovery of the economy in the post-pandemic period with the use of regulatory incentives," he said.
The executive director noted that currently the main task is to expand financing of the economy from various sources, that is, to increase its capital investments.
Gasimli stressed that in the first half of the year, funds allocated to fixed assets decreased by 7.6 percent, while in the non-oil sector this indicator decreased by 11.3 percent.
"In general, we must attract more investments to ensure the continuity of economic growth in Azerbaijan," he concluded.