Weekly economic review

Supported by the Government of Azerbaijan and CIS Executive Committee, the Financial-Banking Council of CIS organized a banking conference of the CIS participating countries titled 'CIS Financial Market: Development and Integration'.

Actively attended by the heads of the leading banks and CIS governmental representatives, firstly the conference was dedicated to the anti-crisis measures preventing the global financial crisis which today seriously affects the CIS countries. Discussions were organized over the problems of co-operation and integration in the financial-banking and investment spheres.

It was mentioned during the meeting that no banking system in the world, including Azerbaijani banking system, has immunity from crisis. The CIS banks, at least, the largest of them faced sufficient rigid while entering the international markets. Today the financial crisis mostly affected the Kazakhstan and Ukrainian banks, which are most deeply integrated into the global financial system.

"Financial sector in all countries of world experiences the problems of liquidity, but the foreign liquidity of Azerbaijan today exceeds $17bln, but the foreign debt of the country, taking into account the debts of private sector, does not exceed $8bln," said the Head of the National Bank of Azerbaijan, Elman Rustamov. "The only question in the banking sector can be the external debts of the banks, which today totals $2bln," said the Head of NBA.

During the conference, discussions were held on the issue of money transfers between the CIS countries. As known, all transfers in the CIS are realized in Euro and USD, but now drop is recorded in these currencies and therefore, the question is to increase operations in the reserve national currency.

" Russia has already made a decision to make ruble reserve currency, and other CIS countries also can propose their national currencies as reserve currencies," Alatoliy Kazakov, chairman of Coordinating Board of CIS Financial-Banking Council said in Baku.

In addition, he said that Russia is already taking measures to build international financial center (IFC), which will give an opportunity to unite the CIS countries. "The IFC is envisaged to be established by 2020. The CIS countries need to combine efforts to establish financial-banking market of the CIS countries in order to avoid negative affects of such crisis," Kazakov said.

In the end of the conference, a decision was made that Azerbaijan will become annual center for holding international banking conference of the CIS participating countries. The next conference in Baku was scheduled for October 2008.

Managers of Kazakhstan’s large companies expected to arrive in Tajikistan
Managers of Kazakhstan’s large companies expected to arrive in Tajikistan
Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan and Tajikistan discuss the development of trade and economic ties
Uzbekistan, Tajikistan eye increasing trade turnover
Uzbekistan, Tajikistan eye increasing trade turnover
Loading Bars
Latest
No new oil, natural gas fields required amid net-zero emission activity– IEA
Uzbekistan to use Hungarian experience to stimulate socio-economic dev’t of several regions
Georgia, Ukraine pledge to enhance co-op on path to Euro-Atlantic integration
Kazakhstan boosts exports to Spain despite COVID-19
Net-zero emissions to require huge amounts of new infrastructure
Kazakhstan announces 4M2021 investments attracted amid economic recovery
Turkey reports increase in 4M2021 clothes exports to Kazakhstan
Prices of precious metals in Azerbaijan grow
Belarusian Defense Minister arrives in Azerbaijan on official visit
Azerbaijan issues data on oil exports to Italy for 4M2021
Kazakhstan’s Oil Construction Company opens tender to buy pipes
Banks in CIS region vulnerable to high credit risks - S&P
Iran Tobacco Company discusses cigarette market
Turkey discloses 1Q2021 volume of cargo shipment via Botas port
Turkmenistan, Kyrgyzstan interested in expanding partnership in various sectors
Georgia sees increase in wine export
Azerbaijan sees increase in oil prices
Azerbaijani currency rates for May 18
Iranian currency rates for May 18
UAVs conducting reconnaissance during Azerbaijan's military exercises (VIDEO)
World Bank to assist Uzbekistan in dev’t of strategy for promotion export products
Qatari company eyes to co-op with Uzbekistan in creation of modern greenhouses
US Lawmakers Introduces Resolution To Support India During Covid Crisis
Digital twins becoming integral part of oil & gas operations
India Inc's foreign investment jumps over two-folds to $2.51 bn in Apr'21
Indian FDI hits all-time high in FY21; forex reserves jump over $100 bn
Uzbekistan’s 1Q2021 share of small business in industrial production revealed
Central Bank of Iran injects liquidity into banks
Sputnik V's Limited Rollout Begins In Hyderabad, Visakhapatnam Tomorrow
Immediate de-escalation need of the hour: India on escalating tensions between Israel and Gaza
Second batch of Russian Covid-19 vaccine reaches Hyderabad
Uzbek-Chinese JV opens tender for material for repairing defect in main gas pipeline
Biggest-ever consignment of over 3,600 oxygen concentrators lands in Delhi from China
Will Keep Providing Assistance To India In Fight Against Covid: US
India’s Covid-19 2nd wave ‘slows’
Russian, Chinese leaders to attend ceremony to build nuclear energy project
Air raid sirens sound in southern Israel
TAP offering three expansion scenarios
Uzbekistan reveals COVID-19 data for May 18
Oil rises as U.S., Europe reopen economies
Georgian ATC launches new projects
Baku one of most beautiful, warmest cities - famous Kazakh writer Olzhas Suleimenov
TAP reveals gas transportation volume since start
US presidential advisor phones Azerbaijani president
U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack
Georgia introduces new tax initiatives
Georgia, China discuss prospects for further deepening cooperation in various fields
Georgia, Ukraine and Moldova to boost security and defense co-op with EU
Finland offers Azerbaijan knowhow in ports industry
Georgia may adjust budget for 2021 - Minister of Finance
Georgia plans to revise its 2021 economic growth forecast
Tourism in Georgia recovering faster than expected - Minister
DSK Bank provides short-term loan for IGB
Georgia plans to open land borders
USAID, Gazelle Finance to allocate funds for Georgian SMEs
MTBS to update business model for Georgian Anaklia deep seaport project
TAP launches binding phase of its market test
Aide to Azerbaijani president met with EU Commissioner
Amazon considering buying MGM Studios
US, EU to start talks on steel tariffs imposed during Trump administration
Int'l consulting company MTBS to update freight forecast, business model for Anaklia project
Turkey’s budget balance posts $772 mln surplus in Jan-April
Managers of Kazakhstan’s large companies expected to arrive in Tajikistan
$1.7bn contract signed with local co. to develop Farzad B
Honeywell says Industry 4.0 to enable quick return to growth post-COVID (INTERVIEW)
Brunei imposes int'l travel ban to 4 more countries
US residential energy use falls 4 pct in 2020 - EIA
Biden administration approved $735 million arms sale to Israel
Int'l transactions in securities generate net fund outflow from Canada in March
Portuguese scientists create bactericidal varnish
UN agency to provide 706,000 USD to help South Sudan farmers reduce COVID-19 impact
Italy shortens COVID curfew, eases other restrictions
Aeroflot removes all June tickets to Turkey from sale except for two flights - airline
Ryanair posts record annual loss, hopes to break even this year
Turkey reports over 10 170 COVID-19 cases
Georgia will import an additional 1 mln doses of Pfizer vaccine in summer - PM Garibashvili
Kazakhstan strengthening interparliamentary ties with Lithuania
Activities in Iran’s Qeshm port soar
Resident of Azerbaijan’s Sumgayit Chemical Industrial Park exports products to Italy
Azerbaijan sees increase in 4M2021 foreign trade turnover figures
World Economic Forum special meeting in Singapore to not take place
Kazakh, Polish, Ukrainian and Arabian airlines to resume flights to Batumi
Excess pesticide use threatens Turkey's bee population
Azerbaijan’s Baku Metro company opens tender to buy services to modernize railcars
Flights of light aircraft suspended in Iran
Iran's Energy Exchange announces products to be on sale on May 18
Georgia finalizing 10-year economic development plan
Azerbaijan's rating upgraded by Fitch Ratings based on maintaining economic stability - Unicapital
Forces envious of Azerbaijan's success trying to spoil country’s relations with friends - MP
Incident in Georgia purely domestic in nature - Azerbaijani MP
Azerbaijan developing program for transformation of healthcare system
Assistant to Azerbaijani president, NATO deputy Sec-Gen meet in Brussels (PHOTO)
Azerbaijan sends numerous appeals to int’l organizations about Armenia's war crimes
Bronze monument to world-famous Azerbaijani singer to be ready in a month - Trend TV
Command-staff exercises start in Azerbaijan’s Nakhchivan garrison (PHOTO/VIDEO)
EBRD loan portfolio in Azerbaijan shrinks
Iran reveals volume of crude oil to be transported via Goureh-Jask pipeline
Iran, Italy to expand economic ties – FM
Saudia Airlines eyes return to profitability by 2024
Azerbaijan Innovations Export Consortium eyes to expand co-op with Turkic-speaking countries
All news