Azerbaijan's Central Bank takes full control over Financial Market Supervision Chamber

11 January 2020 14:10 (UTC+04:00)

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The Central Bank of Azerbaijan (CBA) has taken over full control of work of the liquidated Azerbaijan’s Financial Market Supervision Chamber, Chairman of CBA Elman Rustamov said, Trend reports.

Rustamov made the remark at the meeting with representatives of the National Confederation of Entrepreneurs' Organizations (employers), entrepreneurs and bank managers.

“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 of business lending,” Rustamov said.

“Despite growth of the lending sector in the country, most of the loans issued by banks are in consumer loans, while business lending is growing at a slower pace. Nevertheless, the financial sector in the country has noticeably intensified,” the chairman said.

The Financial Market Supervision Chamber of Azerbaijan was abolished on November 28, 2019 in accordance with the decree of the head of state on improving management of the regulatory system and control of the financial services market.

According to the decree, the authorities of the chamber, defined by the laws of Azerbaijan, including its rights and obligations in the field of licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services, as well as its property, were devolved to the CBA.

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