Weekly economic review (12.10- 17.10.2009)

The financial crisis has discovered the instability of the banking sector in the CIS countries and its dependence on speculative forms of capital, which led to seriously thinking about the need for fundamental changes in approaches to the development of banking systems of the Commonwealth. For this purpose, the Second International Banking Conference of CIS countries, dedicated to improving the stability of financial and banking systems of the Commonwealth, was held in Baku last week. The format of the Baku conference is the best suited for making decisions on urgent issues of banking systems of the CIS.

The conference is a unique platform for direct substantive dialogue between the leaders of major financial, banking and investment institutions of countries of near and far abroad. The conference was attended by key representatives of political and business elites of the CIS countries. The agenda of the conference included addressing the problems of stability of banking systems of the CIS in terms of instability in world financial markets, as well as development of financial infrastructure as a basis for forming an integrated regional banking market of the Commonwealth, the prospects of forming a common currency area in the field of settlement and payment systems in the CIS.

"Each state has good examples on how to act under the crisis, and one of them is Azerbaijan, which was less affected by the crisis," said the Chairman of the Executive Committee, Executive Secretary of the CIS Sergey Lebedev.

As a result of the conference, was signed a document, which will give a boost to further work on the integration of financial and banking systems of the Commonwealth. In order to launch the mechanisms to ensure economic growth in CIS countries and ensure access of the banking sector of the Commonwealth to the international competitive level, it needs to coordinate joint efforts to attract long-term investments in the real economy and take steps to reduce dependence on foreign lending.

Participants of the banking conference offered the Central Bank of Azerbaijan to act as a participant in the CIS Interstate Bank. This suggestion was reflected in the document signed as a result of the conference.

In addition, the document envisages approving the feasibility of the project between the processing centers Azericard and Coinstar for socially significant transfers of individuals to transfer to a card account.

As a result of the conference, it was decided to send the document to central banks and the executive bodies of the CIS countries for further consideration and approval.

The conference was held by Finance and Banking Council of CIS (FSB) with the support of the CIS Executive Committee, the Presidential Administration of Azerbaijan, International Bank of Azerbaijan and the VTB Bank.

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