The Milli Majlis Economic Policy, Industries and Enterprising welcomed officials of the Central Bank of Azerbaijan on the premises on 25 October.

The committee chairman Tahir Mirkishili began the sit-down by saying they would be discussing inflation, the reforms slated for implementation in the banking sector, monetary policy orientations and other topics. There are the very specific instructions of the Head of State as to the progress of banking reforms and the sector as a whole assuming a more creative and weighty role in the economic growth as well as in ensuring needed employment levels in the country, according to the parliamentary committee chairman.

Drawing on data from the past eight months, Tahir Mirkishili pointed at a positive trend in lending as well as increases in non-cash settlements, the number of people employed in banking and the overall employment levels in Azerbaijan. The M822 exports were USD 19 bn up on the period’s imports whereas the strategic currency reserves rose by more than 5 per cent coming close to USD 55 bn, Mr Mirkishili continued. The current account surplus exceeds USD 6 bn whilst the macroeconomic stability ensured in Azerbaijan favours the slated reforms’ implementation.

Mr Mirkishili also touched upon the importance of the correctly-arranged communication with the CBA, mentioned the challenges faced by the local banks and held forth about management of financial markets.

Chairman of the Central Bank of the Republic of Azerbaijan Taleh Kazimov thanked Chair of the Milli Majlis Sahiba Gafarova for having arranged for this meeting to take place before he turned to the national macroeconomics. It can be seen from the M922 indicators that the gross domestic product (GDP) has had a real growth by 5.6 per cent reaching 98 billion in the end (the corresponding growth recorded in the non-oil sector has been by 10.1 per cent). The foreign trade generated USD 19.2 bn, the national currency reserves have grown by 3.5 per cent and the reserves of the CBA has risen by 8.4 per cent to USD 7.7 bn, according to Mr Kazimov.

The CBA chief also talked about the inflation increase causes and said what the CBA was doing about them.

The parliamentary committee’s deputy chairman Ali Masimli and the MPs Vugar Bayramov, Rufat Guliyev, Ziyad Samadzade, Mahir Abbaszade, Aydin Huseynov, Igbal Mammadov and Mazahir Efendiyev offered their opinions about increasing the national financial stability, the country’s monetary policy, inflation and interest rates on bank loans. They also asked questions and made relevant suggestions.

Chairman of the CBA Taleh Kazimov answered their questions and gave the MPs what clarifications they needed.

The other participants of that meeting included the MPs Elnur Allahverdiyev and Anar Mammadov, Head of the Economic Legislation Department of the Milli Majlis Staff Muhammad Bazigov and First Deputy Chairman of the CBA Rashad Orujov.

The Press and Public Relations Department

The Milli Majlis