7th International Banking Conference of CIS countries starts in Baku

Baku. 14 November. REPORT.AZ/ Today started 7^th International Banking Conference of CIS countries. Report informs, the conference was organized with support of CIS Financial and Banking Council by International Bank of Azerbaijan Republic (IBAR) and CIS Executive Committee. Features of mutual activity among the financial markets in CIS countries in the circumstance of political and economic whirlpool, sources of long-term credit resources in the CIS countries, balance between risks and opportunities during application of world and national payment systems, role of central banks of the CIS member states in the integration of financial markets of these countries, motive factors affecting development of world payment infrastructure will be discussed during the conference.

CIS Executive Secretary Sergey Lebedev attends the opening ceremony of the event and stressed that, this conference will be useful square for financial-banking sector of CIS countries. Chairman of the Board of the International Bank of Azerbaijan Jahangir Hajiyev stressed that, the conference will be effective for exchange of views and development of cooperation". He also noted that, late years there was observed increase of capitalizing, which shall be deemed as necessary factor.

General Director of the Central Bank of Azerbaijan Rashad Orujov said that, credit and investment potential of Azerbaijan banking sector doubled during past two and a half years.

According to him, after decision passed in July, 2012 on increase of minimum capital of Azerbaijan-based banks, credit and investment potential of banking sector doubled: “The demand on increase of minimum capital from AZN 10 mln to AZN 50 mln provided high qualitative level of the sector. Increase of capital led to improvement of quality and increase of competition in the market. Along with increase of the capital, the CBA also made strict its demand on corporate management and risk-management in the banks”.

The conference is being attended by representatives of financial and banking organizations of the most CIS countries, several international organizations, banking and insurance organizations of Azerbaijan.

The conference will last 2 days.