FMSC: Old guidelines must be changed

Baku. 25 November. REPORT.AZ/ Financial Markets Supervision Chamber (FMSC) is trying to implement normative regulation in the banking sector on the basis of high standards and international practice. Report informs, chief of department on legal support of the Chamber Nurlan Babayev said at the forum "Development of the banking system in the post-oil era: New Challenges and Perspectives", held with organization of Association of Banks of Azerbaijan (ABA).

According to him, before taking any legal act, the chamber provides monitoring of financial markets, considers the behavior of market participants, as well as reviews changes in international financial markets: "As a result of oil price decline, Azerbaijani manat has undergone devaluation, and therefore standards of bank reserves, public demand currency position changed, healthy credit policy has been applied. However, changes in the financial market are still ongoing. Therefore, we believe that the old guidelines must be changed."