OFFICIAL NEWS
TO PARTICIPANTS OF INTERNATIONAL CONFERENCE OF DEVELOPMENT OF BANKING SYSTEM IN AZERBAIJAN
I express my cordial greetings to all of you and my satisfaction with the fact of holding such a high-level conference in the capital of the Republic of Azerbaijan, the city of Baku. I consider this conference as a manifestation of the attention to and evaluation of the success in radical economic reforms, including banking reforms in Azerbaijan.
Following the restoration of its state independence, Azerbaijan has declared transition to the market economy and achieved positive results in this way. The banking system is one of the spheres achieved considerable success in formation of market relations in the country. Banking services being provided in Azerbaijan today, meet requirements of different international standards. Formation of the modern banking market with involvement of foreign banking capital has strengthened confidence of the businessmen, population and foreign investors in the banking system. Banks in Azerbaijan are governed in their activity by the principles of transparency, steadily raise the level of cooperate management.
The new stage of the economic development in Azerbaijan sets new tasks for development of the national banking system. There is a necessity to increase its role in rendering more financial services to the economy, meeting in particular the financial needs of small and medium entrepreneurship, rich further strengthening of reliability of the national banking system, improve competitive environment, be prepared for appeals of globalization under conditions of banking integration into the global banking system.
I hope the conference’s work will be very useful to define ways of resolution of exactly these important problems.
Business and banking community can be confident that Azerbaijan state will further render necessary support to the development of the banking system and continuation of the reforms, as well as to develop cooperation with international financial and credit institutions in this sphere.
I wish the conference every success in its work and you all good luck in your activity.
Ilham Aliyev,
President of the Republic of Azerbaijan
The city of Baku, November 13, 2003