WB`s statement on Azerbaijan – about need of reforms

Fineko/abc.az. Additional reforms are needed to improve risk management, create a stronger capital buffer and restore lending to the real sector.

ABC.AZ was informed about that by Zaur Rzayev, adviser for public relations at the WB representative office in Azerbaijan.

The WB rep did not say anything specific about the details of the upcoming cooperation with Azerbaijan, but expressed a hope: “In the future we intend to continue cooperation with Azerbaijan in order to modernize the control over the financial system in accordance with international standards and practices. We have a good tradition of historical cooperation with the new regulator of the sector – the Central Bank of Azerbaijan, and we’re confident that we’ll continue our mutually beneficial cooperation on reforms to improve the regulatory and control framework for banks, insurance companies, payment service providers.”

Source: Fineko/abc.az