Financial Markets Supervision Authority - Positive Trends Observed Last Year

Baku / 13.02.18 / Turan: Last year the country was provided with macroeconomic stability. As a result, the real growth of the country's non-oil sector amounted to 2.7% of the GDP. These thoughts were voiced at the meeting of the Financial Markets Supervision Authority (FIMSA) on the results 2017.

Ibrahim Alyshov, FIMSA General Executive Director, spoke about measures for improving the banking sector and restructuring. "The logical result of successful reforms in the banking sector was positive trends: in 2017, the population's deposits increased by 1.5% (AZN 110 million), exceeding 7.5 billion manat. The growth was mainly due to deposits," he said.

According to him, the rate of the national currency stabilized, which encouraged depositors to convert deposits in foreign currency into the manat.

Touching upon the securities market, the Executive Director noted that in comparison with 2016, this market grew by 12%, amounting to 15.7 billion manat.

"By the end of 2017, seven investment companies, two investment funds, one stock exchange, one central depository and a clearing organization operated in the securities market. During 2017, one license for an investment company's activity was issued," he said.

FIMSA was established by the order of President Ilham Aliyev on February 3 last year. After it was created, a number of powers to control banks moved from the Central Bank to FIMSA. -0-