Azerbaijan's financial sector to end this year with good indicators, CBA says
The Central Bank of Azerbaijan (CBA) continues research work on business sustainability and further strengthening of financial stability, Chairman of the CBA Elman Rustamov said.
Rustamov made the remark at a meeting of the Committee on Economic Policy, Industry and Entrepreneurship of the Azerbaijani parliament, Trend reports.
“During the economic crisis, financial flows to the banking sector are weakening,” the chairman said. “Presently, Azerbaijani banks hold deposits of the population in the amount of 7.4 billion manat ($4.3 billion), of which 86.5 percent (6.4 billion manat that’s $3.8 billion) have been insured.”
Rustamov stressed the importance of applying innovations to bank deposits and thus announced a number of innovations in this sphere in March 2021.
Chairman of the CBA stressed that despite the events associated with the pandemic and the Armenia-Azerbaijan Nagorno-Karabakh conflict for the liberation of the Azerbaijani lands from the Armenian occupation, the financial sector will end this year with good indicators.
Referring to the macroeconomic stability in Azerbaijan, Rustamov said that the country has strategic foreign exchange reserves in the amount of $50 billion.
Chairman of the CBA added that this indicator is by 25 times less in Armenia and therefore there is macroeconomic instability in this country.
Rustamov stressed that the Azerbaijani vast financial sector faces great challenges and the stability of this sector is important to achieve all the goals set for it by the president.