Bill being developed on regulation, control over financial market
By Nigar Abbasova
Azerbaijan’s Financial Market Supervisory Body, in a bid to improve financial market of the country and oust problems triggered by a number of unfavorable processes, is drafting a bill on the regulation and control of the market.
Head of FMSB Board of Directors Rufat Aslanli said that the government is currently discussing the bill, expressing his hope that the issue will be on agenda during the next session of the Parliament.
He added that the authority is ready to report on its activities in parliament in case of necessity.
Aslanli said that problems of the banking sector are mainly related to the existence of troubled assets in banks, mentioning that the problem and a number of other difficulties lead to certain problems in the sphere.
Problems that challenged the financial sector of Azerbaijan forced the state to interfere in the situation and take serious steps to overcome the difficulties.
A certain number of banks were closed in the country as they haven’t fulfilled the instructions of the regulator. The closure of banks is expected to reduce the risks for the banking sector, as well as strengthen the financial stability, increase the confidence and ensure the development of the sector.
Some 32 banks are currently implementing their operations in Azerbaijan.
FMSB was established within the framework of ongoing structural reforms to improve the business environment, promote transparency and increase efficiency of public administration. This body covers all aspects of regulation of financial and banking activities based on the best international principles.
Moreover, it is in charge licensing, regulating and controlling activities of securities market, investment funds, insurance and credit institutions (banks, non-bank credit institutions, postal operator) and payment systems.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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