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Partial recovery of financial intermediation of banks observed in recent months - Executive Director

14 March 2018 13:57 (UTC +04:00)

Caspian European Club has held the 12^th CEO Lunch Baku in Baku today.

Executive Director of the Azerbaijan Financial Market Supervisory Authority Ibrahim Alishov has attended CEO Lunch as an honorary guest.

Addressing the event, Ibrahim Alishov noted a positive impact of reforms implemented in the country both on the economy and the banking sector. According to him, a partial recovery of the financial intermediation of the banks has been observed in recent months. “Apart from this, creation and the launch of the first private credit bureau and the procedure of granting credit guarantees, as well as completion of work on creation of the register for movable assets will substantially increase the access of business to financial services”, Ibrahim Alishov said.

He also added that the increase of the private deposits is a positive trend, which indicates the trust in the banking sector. “Thus, the private deposits made through 2017 increased by 1.5% (110 mln AZN) and exceeded 7.5 bln AZN. A stable rate of the national currency maintained over the past year drove the dedollarization of deposits (compared with the beginning of 2017, the dollarization of deposits fell from 80% down to 66%)”, Ibrahim Alishov concluded.

Addressing the CEO Lunch Baku event, First Deputy Chairman and Chief Executive Officer of the Caspian European Club Telman Aliyev thanked Ibrahim Alishov for his participation, as well as for attention to the proposals and requests spoken out by the members of the Caspian European Club during the event. According to Telman Aliyev, during CEO Lunch Baku the companies received answers to the questions they were interested in, and discussed the ways of cooperation in this area.

Telman Aliyev invited all the attendees of the CEO Lunch to take part in the 5th International Caspian Energy Forum Tbilisi to be held with the support of the Government of Georgia and the Government of the Republic of Azerbaijan on April 18, 2018. Prime Minister of Georgia Giorgi Kvirikashvili and all members of the Government of Georgia representing the economic bloc are expected to attend the opening ceremony of Caspian Energy Forum Tbilisi. The Forum organiser is the Georgian company Caspian Energy Georgia.

Telman Aliyev recalled that the Caspian European Club, which brings together more than 5,000 member companies and organizations from 70 countries around the world, was established in June 2002 with the support of the largest oil and gas companies working in the Caspian-Black Sea region and with the active involvement of the Caspian Energy International Media Group. The Caspian American Club (established on 24 December 2016) and Caspian Asian Club (26 January 2018) will be managed by the Members of the Board of the Caspian European Club for 2 years. All companies that join the Caspian European Club as members get an automatic membership within the Caspian American Club, Caspian Asian Club and vice-versa.

His Excellency President of the Republic of Azerbaijan Ilham Aliyev has been the Chairman of the Caspian European Club since the date of establishment.

Besides, each member of the Board of the Caspian European Club spoke about the current activity and further plans of the committees they head.

Addressing the event, Chairman of the ATIB Jamal Yangin, head of the German-Azerbaijan External Trade Chamber Tobias Bauman thanked the Caspian European Club for the invitation, and spoke about their activities.

About 150 representatives of companies and organisations attended the event.

Certificates were given to the companies which joined and extended their membership in the Caspian European Club.

CEO Lunch is one of the key tools for establishing a dialogue between the public and private sectors of the countries of the Caspian-Black Sea and Baltic regions. At the same time it creates additional opportunities to communicate in an informal setting and establish new business contacts.

During CEO Lunch Baku events attendees discuss problems facing entrepreneurs, issues concerning business doing in different regions of the country, and submit proposals on how to expand cooperation in different sectors of economy.