CIS can establish strong financial centers

The creation of an international financial center, which will become a regional center, is possible in Baku, chairman of the Coordination Council of the Financial and Banking Council of CIS Anatoly Kazakov said during the V Baku International Banking Conference of the CIS countries.

"We look forward to the creation of such a center in Baku and we hope that its work will be in contact with Moscow, Kiev and Almaty Financial Centers in the future," Kazakov said.

He noted that the task of the CIS is to create an international financial center in the Commonwealth, which will become one of the most powerful in the world later.

"If Arab countries have been able to do it in five years, we will need more time, but the course has already been set," Kazakov said.

The conference discussed issues of improving the stability of the financial markets of the CIS in the ongoing global economic crisis, the new possibilities of interaction with the adoption of the Free Trade Area of ??the CIS, the introduction of alternative financial products and advanced technologies, the development of Islamic banking in the CIS, the ability to raise funds in order to exercise development programs of the Commonwealth.


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