Azerbaijan prepares new strategy for dev’t of financial sector

A total of 55 percent of the banks' loan portfolio consists of business loans, First Deputy Chairman of the Central Bank of Azerbaijan (CBA) Rashad Orujov said at a meeting of the committee of the Milli Majlis (Parliament) on economic policy, industry and entrepreneurship, Trend reports. Orujov noted that consumer loans make up 30 percent of the banking sector's loan portfolio, and the remaining 15 percent are mortgage loans. In addition, he said that the financial and banking sectors play an important role in ensuring economic growth. "The CBA together with the Ministry of Economy of Azerbaijan and the banking sector over the past period defined a strategy to increase the role of banks in ensuring economic growth. It provides for measures to eliminate existing barriers in the direction of supply and demand, improve access of economic agents to loans. We are currently working on a new strategy for the development of the financial sector. Probably, by the end of the year, the work on the strategy will be c ompleted," he said. Source: Trend News Agency