Azerbaijan, Baku, May 4 / Trend , I. Khalilova/
The Central Bank of Azerbaijan has extended list of donors the bank is negotiating to receive technical assistance to create centralized electronic statistic database, bank's Statistics Department director Elshan Jafarov said.
"We visited Switzerland's Central Bank and held consultations with the World Bank. We received recommendation from them. We are taking into account their proposals in a bid to improve statistic database," Jafarov said.
He said the World Bank has examined enhancing cooperation on this issue. No agreement on bank's financial or technical assistance has been reached yet.
The World Bank has more improved system of establishment of a centralized electronic system of statistical databases," he said." But because of the global crisis, the system is undergoing certain changes that must be implemented constantly in connection with other trends in global economy."
The Central Bank expected to receive technical assistance from the Swiss Secretariat of Economic Affairs. However, the proposal was turned down as Seco assistance does not cover creation of a server.
In this regard, CBA has begun to implement measures to create a statistical database from its own resources and this is not a "financial burden to the Central Bank," said Jafarov. There is also ongoing consultation with the Central Bank of Turkey. The Turkish bank can invite Azerbaijani specialists to learn Turkey's experience.
Experience of central bank of Switzerland, Turkey and the Czech Republic will be taken into consideration while creating centralized database.
The cost of creating statistical database has not been estimated yet. In general, the database will be expanded to another monetary unit, which will also be a statistical base. Jafarov said donors have different estimates, but in the case of using only domestic resources, the costs will be lower.
The term of project's implementation is roughly two to three years.
Creating a new database is linked with the need to improve the approximation of the current system to international standards.
The database is intended for the Statistics Department established after the restructuring of the Central Department of Statistics and Research. Now the department keeps statistics on banking supervision and the monetary base.
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