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Azerbaijan’s economic sector to stop this yr with very good indicators

BAKU, Azerbaijan, Dec. 9

By Zeyni Jafarov – Trend:

The Central Lender of Azerbaijan (CBA) continues exploration perform on enterprise sustainability and further more strengthening of economical security, Chairman of the CBA Elman Rustamov mentioned.

Rustamov produced the remark at a meeting of the Committee on Financial Coverage, Market and Entrepreneurship of the Azerbaijani parliament, Craze stories on Dec. 9.

“During the financial crisis, economical flows to the banking sector are weakening,” the chairman reported. “Presently, Azerbaijani banks hold deposits of the populace in the sum of 7.4 billion manat ($4.3 billion), of which 86.5 p.c (6.4 billion manat that is $3.8 billion) have been insured.”

Rustamov pressured the worth of making use of innovations to bank deposits and as a result announced a number of innovations in this sphere in March 2021.

Chairman of the CBA pressured that despite the functions connected with the pandemic and the Armenia-Azerbaijan Nagorno-Karabakh conflict for the liberation of the Azerbaijani lands from the Armenian profession, the economical sector will conclusion this yr with excellent indicators.

Referring to the macroeconomic stability in Azerbaijan, Rustamov stated that the region has strategic international trade reserves in the volume of $50 billion.

Chairman of the CBA additional that this indicator is by 25 times less in Armenia and therefore there is macroeconomic instability in this state.

Rustamov pressured that the Azerbaijani vast financial sector faces good problems and the stability of this sector is crucial to accomplish all the goals established for it by the president.

Stick to the creator on Twitter: @jafarov_zeyni