OREANDA-NEWS. September 23, 2014. Mr. Elman Rustamov, CBA Governor received the delegation headed by Mr. Daniel Meter, the counselor for economic and financial affairs of the minister of Industry, Energy and Digital Economy of France, including the French ambassador to Azerbaijan.

Mr. E.Rustamov gave in-depth information on macroeconomic stability, economic growth, development of the non-oil economy in the country, foreign position of the country, CBA’s monetary policy, development of the banking sector, capitalization of banks, etc. The participants of the meeting were also informed that the Azerbaijani economy had shown consistent growth with low levels of inflation, and single digit external debt over the last 10 years, ranked 1st for the Global Competitiveness Index among CIS countries, and 38th in the world.

Mr. E.Rustamov emphasized that his country could become more competitive through eliminating dependency on resources, diversifying the economy, and participating in investment markets. E.Rustamov talked about increased capital requirements for the banking sector and achievements of commercial banks in this regard and noted that the purpose was to ensure sustainability of the banking sector performance through regulatory measures.

Mr. Daniel Meter, in turn, highly appreciated economic growth, macroeconomic and financial stability observed in the country over recent years. He also expressed deep satisfaction with the CBA’s policy on the above said issue and with the approach applied.

Prospects of cooperation on monetary policy, development of the banking sector, etc. were also discussed during the meeting.