Azerbaijan, Baku, April 30 / Trend N. Ismayilova /
The union of Azerbaijani-Turkish businessmen (ATIB) prepared report with proposals to reduce impact of world crisis on financial sector of Azerbaijan, ATIB board's deputy chairman Jamal Yangin said on April 29.
"Major goal of the report is to improve giving information in social and economic sector of entrepreneurs in Azerbaijan, Yangin said. The report reflects bank, non bank, loan, insurance, leasing markets, including legal base regulating all these markets and information about current problems in the market."
The country's government should improve legislative base on loans not paid off in time to reduce term of statements consideration, as well as create mechanism of state guarantee on deposits in banks, independent consultant Ilkin Garayev prepared this report said. Presently, there is mechanism in the country but increase of maximal sum insured by state can be considered.
The Azerbaijani Central Bank should accelerate introduction of corporative governance in banks and create stimulating mechanism to conduct calculations via banks, Garayev said.
Azerbaijani banks should toughen control system over effectiveness of their expenditures, strengthen non economic motivation of employees, reconsider loaning and risks procedures, pay special attention to public relations, as well as create unique deposit products, the report said.
The report was made on the basis of three quarters of 2008. ATIB has conducted research in this direction since 2008.
Earlier the union has published a report "Health sector of Azerbaijan: current sate and prospects of development".
ATIB also prepares for publishing results of research "Current situation in free competition and its impact on economy of the country" and "Prospects of education and mutual business relations development" in the nearest future.
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