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Financial stability council to appear in Azerbaijan

15 April 2016 17:16 (UTC+04:00)
Financial stability council to appear in Azerbaijan

By Aynur Karimova

Azerbaijan has recently taken decisive measures towards improving the financial market. The Financial Market Supervisory Body reported on April 13 that a new financial advisory body will be established in Azerbaijan.

The Financial Stability Council will be established with an aim to conduct coordinated policy in the financial system of Azerbaijan.

Works towards the establishment of the Financial Stability Council were discussed at the meeting of the Financial Market Supervisory Body's Board of Directors, which made a decision on further activities.

During the meeting, the participants discussed the current situation in the financial markets, the threats that may arise in the future and the financial sustainability of the banking sector, as well as steps that can be taken in the short and medium term.

Azerbaijan’s economy has been hit by a marked drop in oil prices and considerable currency depreciation in trading partner countries.

These economic developments in the world necessitates ensuring efficiency and transparency of the financial system of each country, and Azerbaijan is not exception.

Effective activity of the financial markets, as well as the protection of the rights of creditors, investors and policyholders are required for more stability and sustainability of the financial system, and its competitiveness.

Earlier, Azerbaijan, which has set a goal to cope with the impact of decrease of revenues from oil sales, established a legal public entity - the Financial Market Supervisory Body - in Azerbaijan.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter @Aynur_Karimova

Follow us on Twitter @AzerNewsAz

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