CBA Governor Receives WB Vice President
OREANDA-NEWS. November 11, 2014. Elman Rustamov, CBA Governor received the delegation headed by Ms Laura Tuck, the World Bank’s (WB) Vice President for Europe and Central Asia (ECA).
The participants discussed the WB cooperation with the Republic of Azerbaijan, projects implemented, as well as successful results of WB’s technical and financial assistance, the most recent prudential measures to enhance banking supervision, preparation for the Financial Sector Assessment Program to be conducted early in 2015, and lingering capitalization and consolidation in the banking sector.
Mr E.Rustamov detailed the meeting participants on macroeconomic stability in the country, economic growth, the non-oil sector development, diversification of the economy, the country’s foreign position, the CBA’s monetary policy, the banking sector development, and banks’ capitalization.
Mr E.Rustamov mentioned that the monetary policy will effectively balance between economic growth and price stability targets current year and in a medium run. He also focused on maintaining an optimum balance between formation of a counter-cyclic banking supervision, regulation of financial sector overheating, growth rates of bank assets and sustainability. The country keeps economically growing, stemming from the non-oil sector development. Over recent 10 years the country economy has climbed 3.4 times as much, which is the historical peak. The attained success betters the country’s international economic image. He touched upon reports by international organizations on economic growth in Azerbaijan. It is not mere coincidence that under the Doing Business – 2015 report Azerbaijan moved up to the 80th place having improved 8 rankings, while the country is the 38th after advancing 1 ranking in the Global Competitiveness Report.
Ms Laura Tuck highly appreciated country’s rapid economic growth dynamics, socio-economic reforms, as well as large scale infrastructure projects and told that the WB will elevate cooperation with Azerbaijan within the new Country Partnership Strategy (CPS). She informed on Azerbaijan – Systematic Country Diagnostics and added that a new CPS will be based upon diagnostics findings.
The participants also discussed prospects of cooperation between the Azerbaijani Government and the WB, the role of the banking sector in development of business, particularly SME and technical assistance on priority areas.
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