The Country’s Monetary Policy was discussed at UNEC
Workshop on the Country’s Monetary Policy was held at Azerbaijan State University of Economics (UNEC) on January 15.
The teaching staff member Elkhan Veliyev has made a speech on “The Role of Monetary Policy to Financial Security: Analysis and Evaluation” during the seminar supervised by the Professor Zahid Mammadov. Delivering the information about the complex economic processes in the global and regional level, the reporter said that these processes have had its impact on the country’s economy. The situation made it necessary to revise the new exchange rate regime. The Central Bank’s decision on transition to the “floating exchange rate regime” is aimed at supporting the strategy of diversification of the national economy.
The Department Director of “Bank of Baku” Kamil Latifov has made a speech on the report. He said the comprehensive measures to ensure the safety of the population’s deposits in banks and other financial sustainability of the banking sector, to improve the capital and liquidity position and deposit insurance system are being carried out.
Professor Zahid Mammadov stressed the importance of the creation of Currency Board under the President of the Republic of Azerbaijan to be responsible for the exchange rate policy and price changes dynamics. He said the official body should make regular statements on exchange rates of the country, substantiate volatility in exchange rates and provide offers and recommendations on suppressing and involving the currency in what areas. Z.Mammadov highlighted the importance of the involvement of overseas students to boost the country’s foreign currency income. He said the higher education institutions of the country have all conditions for this. UNEC provides quality education in four languages- in Azerbaijani, Russian, English and Turkish, which they need.
It was informed that the relevant exercises to ensure the financial stability of the country will be submitted to the Central Bank.