Azerbaijani Economy 11 january — 12:53

Powers of Financial Markets Supervision Chamber passed to Central Bank

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The transfer to the Central Bank of Azerbaijan (CBA) of the powers of the liquidated Financial Markets Supervision Chamber has been completed. According to Trend agency, Chairman of the Central Bank Elman Rustamov said this at a meeting between representatives of the National Confederation of Entrepreneurs (employers) organisations and entrepreneurs and bank managers.

He said that the CBA's priorities in 2020 are the development of the financial sector, ensuring its stability, completing the restructuring process, as well as expanding and supporting the stability of the insurance sector, applying the principles of open banking, and developing business loans.

According to Rustamov, despite the growth of the lending sector in the country, most of the loans issued by banks account for consumer loans, while business lending is growing at a slower pace. Nevertheless, the financial sector in the country has noticeably intensified, he said.

Recall that the Financial Markets Supervision Chamber was abolished on November 28, 2019 in accordance with the order of the head of state on improving management of the regulatory system and control of the financial services market.

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