Azerbaijani Banks Stand Ready For More Flexible Regulation And Support For Sustainable Dev't - CBA

10/3/2024 7:10:06 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 3. Azerbaijan's banks are ready for more flexible regulation and support for sustainable development, the chairperson of the Central bank of Azerbaijan Taleh Kazimov said at a roundtable on "Creating the Highway for Private Finance" at ADA University within the framework of the Climate Action Week, Trend reports.

“We are providing several capacity-building grants for financial institutions. Given that five percent or more of the costs of the financial sector are shared by banks, by the end of this year, I am confident we will be able to reduce the regulation of the bond market for real sector public service providers. This will optimize financing channels,” he said.

Kazimov noted that the Central Bank is working to reduce the regulatory burden to facilitate the transition to more flexible management.

“In July, we announced new measures that will support the transition. These steps should build confidence in the financial sector and increase transparency in operations. We are actively engaging with the Resources Committee to develop market risk management practices and ensure the stability of the financial sector. This is critical because without sustainable financial stability, the sector will not be able to adapt its controls and effectively implement new measures. Our objective is to maintain financial stability and achieve positive changes for the benefit of all market participants,” Kazimov emphasized.

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