President Ilham Aliyev has established the Financial Stability Council, abc.az reports.
The newly-issued presidential order says that the Council was formed to strengthen macroeconomic stability and financial sustainability, coordinated policy in this field and achieving effective regulation of practice and practice of legal application.
Prime Minister Artur Rasizade has been appointed the chairman of the Council. Among the Council’s members are Assistant to the President on Economic Reforms Natig Amirov, Finance Minister Samir Sharifov, Economy Minister Shahin Mustafayev, Chairman of the Central Bank Elman Rustamov, Chairman of the Board of Directors of the Financial Markets Supervision Chamber Rufat Aslanli, Executive Director of the State oil Fund (SOFAZ) Shahmar Movsumov.
Under the Order, the formation of the Secretariat of the Financial Stability Council for the organization of its current activities was entrusted to the Central Bank.
During the month the new Council is tasked to analyze the situation in the financial sector, conduct an examination of the legislative framework and develop, on the basis of best international practices and standards, the proposals to prevent possible threats to the vision of macroeconomic stability and financial sustainability, the steps and the actuator for the medium term. Proposals should be submitted to the President of Azerbaijan.
The Council is tasked to take regular measures to ensure macroeconomic and financial stability, and on a quarterly basis to submit to the President a report not later than on the 30th day of the month following the quarter.
