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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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