CBA: Foreign exchange reserves Azerbaijan make it possible to maintain the macroeconomic stability

CBA: Foreign exchange reserves Azerbaijan make it possible to maintain the macroeconomic stability
  • Clock-gray 18:24
  • calendar-gray 02 July 2020

The two-hour online B2G forum, which was organized with the participation of the General Directors of the Central Bank of the Azerbaijan Republic Rashad Orujov and Ziya Aliyev, addressed issues facing entrepreneurs during the COVID-19 pandemic. This news was reported by Telman Aliyev, Chairman and Group CEO of the Caspian European Club and Caspian Energy, the Company told APA.

Speaking about the long-term cooperation between the Central Bank and the Caspian European Club, Rashad Orujov noted the particular importance of the meetings held, as well as their positive contribution to the development of the public-private sector dialogue in our country. Then, Rashad Orujov informed the forum participants about the support measures undertaken by the Central Bank in accordance with the actions plan approved by the Azerbaijan Republic Cabinet of Ministers with the view to implement the paragraph 10.2 of the Azerbaijan Republic President’s decree (dated 19 March 2020) on reducing the negative impact of the coronavirus pandemic, sharp fluctuations in the world energy and stock markets on the economy, macroeconomic stability, employment and entrepreneurs. "Thanks to the regulatory decisions taken by the Central Bank, loan restructuring opportunities have been provided for entrepreneurs working in areas affected by the pandemic."

"A number of measures are being taken currently to preserve the sustainability and well-being of the financial sector representatives on whom a heavy burden has fallen and whose role in financing the economy is growing significantly," Rashad Orujov said.

In his speech, Ziya Aliyev stressed that the measures taken by the world's leading Central Banks and the monetary incentives provided by them to the economy prevented the global financial crisis. Z.Aliyev also noted that "the foreign exchange reserves held by the government of Azerbaijan, the framework of macroeconomic management and the effective coordination environment formed between the macroeconomic bodies make it possible to maintain the macroeconomic stability. The currency market has already stabilized, and negative economic expectations in this area have significantly decreased.

Further to the speeches, Rashad Orujov and Ziya Aliyev answered questions and listened to suggestions of executives and representatives of the Caspian European Club member companies.

On behalf of the top-managers of the Caspian European Club member companies, Chairman and CEO of the Caspian European Club expressed gratitude to Rashad Orujov and Ziya Aliyev for an open dialogue and offered to create a two-sided working group with the Club, which will make it possible to promptly consider suggestions of entrepreneurs and convey them to the top-management of the Central Bank of the Azerbaijan Republic.

The online B2G forum is an important tool for activating a public-private dialogue, and is held on a weekly basis in Azerbaijan, Georgia and Kazakhstan.

According to Telman Aliyev, the Caspian European Club, which brings together over 5,000 companies and organizations from 50 countries, was established in June 2002. As an active participant of the business-to-government dialogue, the major objective of the Caspian European Club is to improve the investment and business climate in Azerbaijan and in other countries where the Caspian European Club operates, as well as to stimulate and actively participate in the B2G, B2B and B2C dialogues.

The Caspian European Club is the international business-networking platform and regularly organizes various events such as CEO Brunch, CEO Lunch, Business Tour, etc. Within the framework of online business trainings, local and foreign specialists conduct webinars, trainings and seminars.  The head office of the Caspian European Club is in Baku (Azerbaijan). The Caspian European Club also has official representative offices in Georgia and Kazakhstan, and authorized representatives in the USA, Germany, Poland, Latvia and Czechia. 

Huseyn Veliyev

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