Elman Rustamov: 'Function of Central Bank to ensure financial stability not canceled

Baku. 4 February. REPORT. AZ/ 'Establishment of Financial Market Control Chamber is a positive step.' 

Report informs, Chairman of the Managerial Staff of the Central Bank of Azerbaijan Republic (CBAR), Elman Rustamov said.

He said that up to date, several organizations carried out control over Azerbaijani financial markets: 'This function has been implemented by State Committee for Securities, State Insurance Supervision Service under the Ministry of Finance and Financial Monitoring Service under the Central Bank of Azerbaijan Republic.

Based on international experience, this consolidation has been carried out. Establishment of Financial Market Control Chamber will allow implementation of single policy and single regulatory standards regime in the financial markets, it will be possible to be realized.'

E.Rustamov said that execution of functions by the Central Bank will be facilitated in this direction: 'Because function of the Central Bank to ensure financial stability has not been canceled and is as previous. We will work together in the financial sector, especially to establish financial stability.'