ECONOMY


‘It is pleasing that there is very good example as the banking system of Azerbaijan’ Anatoly Kazakov

Baku, November 15, AZERTAC

‘Today we are holding the VII Baku International Banking Conference of the CIS countries. It is very pleasing that there is such stability. Many representatives of the banks of Europe and Asia have arrived in Baku. Every year both economic and integration effect increases. Thanks to this effective platform, the states, banks, as well as the business companies are presented here. It is especially pleasing that there is a good example as the banking system of Azerbaijan, and how it is reformed’.

This was stated by Anatoly Kazakov, Chairman of the Coordination Council of the CIS Financial and Banking Council, in his exclusive interview of AZERTAC. It was noted that the economy of Azerbaijan promptly develops and over the last 10 years the country’s national economy received huge investments. "Today credit portfolios in Azerbaijan, as well as in Russia, grow very quickly. But, the deposit doesn’t catch up and therefore there is a gap which should be filled. Therefore, it is necessary to solve this imbalance. There is also a question of quality of assets. Not all assets are good, it is necessary to work over it. There can be too problems when we increase the volume of credit weight. It should be noted also the positive sides.

So, we had fears that such rigid limitation of the capital, after all 50 million manats, and the Azerbaijani banking system won't sustain, many banks will be compelled or leave from the market, or will unite. But we see that this process goes normally. The Central Bank rather accurately regulates this process, and we don't see any friction here. Today, the International Bank of Azerbaijan and “Roseksimbank” signed a cooperation agreement.

The document provides cooperation between banks in the external economic sphere. We shall have mutual limits to jointly finance projects. And it was already talked of joint realization of projects. Besides, it is necessary to establish Caspian Economic Union. Presidents of the Caspian countries gathered in Astrakhan recently, and this question was brought up there. Of course, politicians, first of all, have to think of this structure.

I think, the headquarters is better to be in Baku, because economy of Azerbaijan is the most powerful on the South Caucasus and your country is financial center of the region. The conference held in Baku is a good platform for prompter development of economy in the CIS countries, carrying out an exchange of views in the field of diversification of economy. And therefore, I am glad to our relations, everything is at ever-increasing rate”, Kazakov emphasized.

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