APA-Economics reports that the theme of the conference is “CIS capital markets – the basis of economic integration within the CIS community”.
Making a keynote speech at the conference, chairman of the CIS Executive Committee Sergei Lebedev said the conference will give an impetus to the cooperation, enhancement of economic cooperation among the financial, banking institutions in CIS. Highly appreciating the economic, commercial relations among the CIS countries, Lebedev said the total trade turnover among the CIS states exceeded $1.2tn. There is a great potential for economic cooperation in CIS and this conference will support its realization.
Vice-president of CIS Financial-Banking Council, chairman of the Management Board of the International Bank of Azerbaijan Jahangir Hajiyev said the conference will enhance the economic integration and cooperation.
Director General of the Central Bank of Azerbaijan Rashad Orujov underlined that during the crisis and post-crisis period mutual confidence declines and this makes it necessary to deepen the cooperation of financial-banking systems. Speaking about the role of crisis regulators, Orujov said the necessary measures taken by the Central Bank of Azerbaijan prevented serious tension in the national banking sector, sustainable growth is observed in this sector. The average annual growth rate of bank assets made up 16%, consolidated credit portfolio increased by 20% during the crisis and post-crisis period. It was especially noted that event during the crisis deposits increased in Azerbaijan’s banking sector. Orujov said regulators should change the principles of working with the financial-banking sector, the Central Bank of Azerbaijan is building its work with the banks basing on permanent and preventive measures.
On the first day of the conference discussions will be held on the resources of sustainable development of financial-banking systems of the CIS states, advantages of financial integration, opportunities of the financial sector to attract investments, prospects of CIS financial institutions’ cooperation with the regional and international financial institutions, the role of central banks and development institutions in the integration of financial markets, establishment of common payment area, tendencies of development of retail banking.
The conference will end on November 16.
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