The decision of the Central Bank of Azerbaijan about five times the requirements for the minimum level of the authorized capital of banks is hasty. This point of view was voiced in Baku by the Chairman of the Coordination Council of the Financial and Banking Council of CIS Anatoly Kazakov.
According to him, the process had to be staged, but the approach is more balanced because the country is not enough banks of micro-credit, for which such a substantial increase in capital is not true. "The capital increase on January 1, 2014 from the current 10 million manat to 50 million manat will cause that in the banking sector there will remain 10 banks, and the rest will face absorption or sale. This will on the one hand of the domestic market, and with another large field open to foreign investors."
Kazakov also noted the need to transform the Financial and Banking Council, Finance and Banking Union, and strengthening the process of creating an international financial center with a regional center in Baku, Almaty and Kiev. All this is reflected in the final resolutions of the conference, the final version of which is scheduled to be adopted next week.
For two days, participants in the forum "The financial markets of the CIS: new opportunities and global risks" discussed in the plenary session the role of financial institutions in the development of domestic capital markets and economic unions in the CIS, new opportunities for banks in CIS free trade zone, the prospects for cooperation between the countries member countries and other countries with the countries of the Common Economic Space canoes in the investment and development of the institutions involved in the promotion of small and medium-sized businesses in the CIS, the mechanisms and prospects for investment in infrastructure projects and transnational CIS products of Islamic finance, and Islamic banking etc.
At the conference, there was a ceremony of awarding the International Bank of Azerbaijan for its active contribution to the process of integration in the CIS.
The event is arranged by the CIS Financial and Banking Council and the International Bank of Azerbaijan with the support of the CIS Executive Committee. The conference will conclude a cultural program and a reception. - 15C
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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