Azerbaijan, Baku, 12 March / Trend A.Akhundov /
The Central Bank of Azerbaijan (CBA) should affect an increase in the activity of banks in granting direct loans to the real sector of the country's economy.
This was stated by the IMF's departmental adviser on the Middle East and Central Asia (MCD), Raja Almarzoqi at a press conference on the outcome of the IMF mission's visit to Baku.
The IMF mission on Azerbaijan led by Almarzoqi is on a visit to Baku from February 26. The main purpose of the visit was to conduct consultations with the Azerbaijani government under Article IV of the Agreement 'On the creation of the IMF'.
"The Central Bank should continue undertaking prudential measures to prevent the growing recovery in issuing consumer loans. Additionally, the CBA has to play a certain role in direct lending to the real sector," Almarzoqi said.
According to the CBA, the growth rate of credits granted by banks to households last year has almost doubled the pace of lending to the corporate sector. In 2012, loans granted to households increased by 30.1 per cent to 4.014 billion manat.
According to the IMF representative, in the case of deepening of tensions in the economy caused by a demand, the monetary policy of the country should acquire a more neutral position in the near future and be strengthened.
"A more flexible exchange rate will increase the economy's ability to withstand shocks in the long term," Almarzoqi said.
The official exchange rate on March 12 is 0.7849 AZN / USD.