Weekly review of main events in Azerbaijan's financial market

Finance Materials 9 July 2022 17:02 (UTC +04:00)
Weekly review of main events in Azerbaijan's financial market
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, July 9. Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov held several meetings, the CBA said this week, Trend reports.

During meeting between Kazimov and Chairman of the Governing Board of the Swiss National Bank (SNB) Thomas Jordan, the sides discussed cooperation between the CBA and the SNB, technical assistance programs, as well as expansion of cooperation between Azerbaijani and Swiss banks.

Besides, Kazimov discussed the expansion and future directions of bilateral cooperation with Governor of the National Bank of Poland Adam Glapinski.

The CBA’s head also noted this week he and Finance Minister Samir Sharifov met with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva.

The meeting parties discussed the macroeconomic situation and financial stability in Azerbaijan, forecasts for 2022 and the medium term, the priorities of the monetary and financial stability policy.

According to another report of the week, new appointments were made in the Association of Banks of Azerbaijan (ABA). Board Chairman of PASHA Bank OJSC Javid Guliyev was elected a member of the ABA Presidium. Moreover, ABA Chief Economist Azizaga Hagverdiyev was appointed Acting Director of the Banking Training Center.

Meanwhile, IMF updated forecast for growth of Azerbaijani economy for 2022-2023.

According to the forecast, in 2022 the growth will make up 3.8 percent, and nominal GDP - $72.29 billion.

In 2023, according to the forecasts of the fund, the growth of the Azerbaijani economy will be 2.6 percent, and the nominal GDP - $74.3 billion.

In the outgoing week, Fitch Solutions international rating agency revised the forecast for the growth of the Azerbaijani economy for 2022 from 3.4 to 5.1 percent.