The strategic roadmap for the development of financial services is a vague document, which is full of pathos and does not reflect reality, the expert in banking Akram Hasanov said.
The expert noted the document left many questions unanswered, and there is no way to implement the roadmap in it.
The economist said that though the document indicates the need to strengthen consumer protection, in fact it does not mention concrete measures in this direction.
“In fact, in the first place the institute of financial ombudsman should be established. Then, the activities of ‘bouncers’ (debt collectors) should be restricted,” he said.
Hasanov noted that on the subject of bad loans, which is the most relevant in this field, the document says only generalities.
“It speaks of some restructuring, but there are no specific mechanisms. The issue of dollar-denominated loans is not commented at all. If the roadmap does not answer even this question, then why should we need it?” he said. –71D---
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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