BAKU, Azerbaijan, July 25. This week it has become known about the appointment of a new Executive Director to the Central Bank of Azerbaijan (CBA), Trend reports.
Gular Pashayeva became the new Executive Director by order of CBA Governor Taleh Kazimov.
It became also known that Azerbaijan will improve the regulatory framework for financial stability from 2022 through 2026, and annual inflation will remain within the four (plus/minus) two percent range under these basic conditions.
Macroeconomic stability and sustainability will be ensured for sustainable economic growth in Azerbaijan, and the stability of all segments of the financial sector strengthened.
It was also known this week that the banking sector's assets would grow by eight percent annually, the loan portfolio - by 10 percent in Azerbaijan from 2022 through 2026, including business loans - by 6 percent.
According to the ‘Socio-economic development strategy of the Republic of Azerbaijan for 2022-2026’, it is expected to increase the loan portfolio of banks in relation to GDP in Azerbaijan and expand the access of the private sector to finance by the end of 2026.
European Bank for Reconstruction and Development (EBRD) announced a portfolio of projects in Azerbaijan, this week. The bank’s loan portfolio in Azerbaijan was estimated at 814 million euros as of June 2022.
EBRD reported that most of the project portfolio (88 percent or 716 million euros) is devoted to sustainable infrastructure investments, 8 percent or 67 million euros - to investments in industry, trade and agriculture, and 4 percent or 31 million euros to investments in financial institutions.
EBRD invested more than 3.5 billion euros on 181 projects in Azerbaijan.