Azerbaijan, Baku, Dec.13 / Trend, A.Akhundov /
The measures to be taken in the said period will contribute to a balanced
development of the key segments of Azerbaijan's financial services market (banks, nonbank credit institutions, insurance, leasing, securities, factoring markets), the Draft Development Concept "Azerbaijan - 2020: The Vision of The Future" says.
"Bank supervision tools will be improved and necessary measures taken to ensure a stable and secure development of the bank system. Consolidation measures and structural reforms in the banking sector will be continued. Attention will be paid to stimulating competition and improving the quality of financial services, including the enhancement of electronic payments infrastructure. Capitalization of the bank system will be continued, expansion of banks into the districts promoted, establishment of construction savings banks supported and mortgage procedure improved. The systems of electronic payments and postal services will be developed and the rights of consumers of banking services securely protected," the draft says.
The growing level of capitalization of insurance companies and the range of their
products, the broader application of reinsurance, life insurance and medical insurance will boost the development of the country's insurance market. In order to encourage the
insurance of agricultural products, relevant legislation is to be revised.
"Also, the provision of leasing organizations with long-term financial resources will enhance the share of leasing in the financing of infrastructure and investment projects and improve the provision of agriculture with equipment. Systematic measures will be taken to restrict unofficial securities market and enhance its attractiveness to investors. Relevant laws will be revised to facilitate the activities of professional participants in the market and improve monitoring procedures," the draft says.
