Azerbaijani President: "Banks should give preference to the real sector rather than consumer loans”

Azerbaijani President: "Banks should give preference to the real sector rather than consumer loans”
# 28 January 2015 03:29 (UTC +04:00)

Baku-APA. “Banking sector in recent years rapidly developed. Now in the banking sector of Azerbaijan consolidation is underway. Increasing the authorized share capital had positive impact on the banking system, and protects country and population from any surprise” , - Azerbaijani President Ilham Aliyev said at the conference on outcomes of the first year of implementation of the “State Program on socio-economic development of districts of the Republic of Azerbaijan in 2014-2018” at the Heydar Aliyev Center, APA reports.

The Head of State said that the banks' share capital already is large enough, a few of them entered to foreign markets, invested abroad: “I do not object to it in principle. But I think that, first of all, the banks that have large resources, allocate funds for the country's economy. Once I have said about it, I want to reiterate that Banks should give preference to the real sector rather than consumer loans. The main activities of the banking sector should focus on the creation of new businesses, new job creation. Because, the government of Azerbaijan played an important role in the formation of the banking sector. The state and the government of Azerbaijan have always supported the banking sector, also gave them the financial resources, provide a source of income for them. In other words, banking sector should properly assess it and should be thankful for state that state takes care of them. The state, in turn, is now waiting for them to work even harder. "

Azerbaijani President Ilham Aliyev noted that banks should give a report at least twice a year: “Azerbaijan banks should inform about in what amount, to which projects, in which regions or in Baku, have invested. This information has to be provided. Me, and the public see that the banking sector does not work for its own pocket, but also actively seeks to develop the country. I have said about it, I want to reiterate that we expect social responsibility from banks. At the same time, there is so good business environment in Azerbaijan, today, investment in the country will be justify itself, and justifies”.

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