CBA meets fundamental strategic challenges

As the Central Bank of Azerbaijan (CBA) meets fundamental strategic challenges it has become apparent that further modernisation of the bank's capacity is required, the chairman of the CBA Elman Rustamov said at a major bank meeting at the end of 2011.

"The CBA is entering a new phase of strategic planning, whereby projects implemented by the Central Bank will focus on improvement and modernisation," Mr Rustamov said.
He noted that the new standards generated on a global scale will be taken as a basis to develop new mechanisms ensuring macroeconomic and financial stability. The main priority will be the fundamental modernisation of the supervisory framework and regulation of the banking system based on the latest international standards and practices set in 2012.

He said the CBA is actively involved in maintaining the sustainability of economic development in the country against a background of challenging global economic processes.

"Inflation is maintained at a low level and banks provide financial support for economic development and currency stability, quality of financial services to increase and operating a modern payment system," Mr Rustamov said.

As noted at the meeting today, the negative effects of the global crisis have been eliminated and the policy of the CBA once again is aimed at reducing inflation. At the same time, the Central Bank started to align prudent regulation and monetary policy to the post-crisis challenge strategy. It is also actively developing a new framework of counter-cyclic banking supervision by being innovative in the integration of monetary policy in the framework of prudent policies.

One of the priorities of the CBA was the development and provision of a stable payment system in 2011. The country has developed an electronic payment system, formed a new system of cash management and optimised the infrastructure of the Treasury.


/Trend/