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EU companies in Azerbaijan criticize activity of Financial Markets Supervisory Authority

05 June 2018 09:13 (UTC +04:00)

In 2018 the non-oil sector in Azerbaijan was mainly related to the field of construction, said the EU Business Climate Report Azerbaijan 2018.

According to the report, the construction sector has been developing since 2015: ‘However, jointly with the plans of the government on increase state investments by about 40% in 2018, the Ministry of Economy is forecasting a 15% growth in construction sector this year’.

The report says in spite of the stabilization in economy and more positive economic forecasts, the government should consider sensitivities in the banking sector: ‘Although the common situation in the banking sector improved, structural weakness still remains. For instance, 11 out of 19 banks ended 2017 on loss and etc. All these, as well as loss of Financial Markets Supervisory Authority’s (FIMSA) independence show that 31% of EU companies think that the policy and measures by FIMSA are ineffective.