Ahmadov added that the relevant bodies should take actions to ensure financial and economic stability.
MP Ilham Aliyev noted that problems in the financial market stem from the Central Bank of Azerbaijan: “It’s true, the banks are now controlled by the Financial Markets Supervisory Authority, but they were controlled by the Central Bank earlier. Couldn’t it be possible to forecast that problems will occur in the closed banks?”
Answering Aliyev’s remarks, the deputy chairman of the Central Bank Aftandil Babayev said such problems are observed in many countries: “Banks are shut down in other countries too and new ones are opened. Earlier, 200 banks operated in Azerbaijan. But thereafter, some of them were shut down, new ones were opened. The Central Bank regularly controlled banks to fulfil their obligations before their clients. Problems in the banks have been arisen from global economic processes. You know that Azerbaijan’s economy, the banking system have integrated to the world economy. Specially, oil price decline affected condition of the clients and this caused deterioration of banks’ stability and cancelation of licences. That’s this is a normal process”.
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