ECONOMIC GROWTH AND DEVELOPMENT OF BANK SYSTEM OF AZERBAIJAN
This article examines the development of Azerbaijan’s banking system in the context of economic growth in modern conditions. Based on the chronology of economic growth and development of the banking system is estimated their mutual in achieving macroeconomic stability and financial stability. Reveals the main factors of economic growth achieved during the years of sovereign development of Azerbaijan, as well as key points of economic strategy, which is based on observable macroeconomic dynamics. The characteristic of competent macroeconomic policy and sustain the Azeri economy, particularly in times of crisis. Showing the motives of high inflation in the early 1990s and a series of measures taken by the leadership of the Republic of Azerbaijan to reduce it.The dynamics of the main macroeconomic indicators of development of Azerbaijan during the years of its independent existence. Stresses the main parameters of the budget, monetary and investment policies, as well as measures aimed at creating the institutional foundations of a market economy.Highlights the results of socio-economic development of the past 10 years. As part of the period covered in more detail the steps involved in the manifestations of the global financial crisis. Focuses on enhancing the role of the banking system in the country’s economy, its growing importance for the realization of the main objectives of economic reform. Given the macroeconomic changes analyzes the processes of formation of the institutional and legal framework of the banking system in the country, while emphasizing the strong role of the Central Bank of Azerbaijan in their successful implementation. Reveals the essence of structural reforms aimed at stabilizing the situation in the banking system. Assessed the actions of the monetary authorities in the foreign exchange regulation. The dynamics of the main indicators of its development and stability of the banking sector of the domestic economy. There is a significant increase in the banking system of the country associated with the influx of oil revenues and the growing interest in the banking sector of Azerbaijan by foreign investors.
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Keywords: macroeconomic dynamics, economic growth, GDP, inflation, exchange rate, the non-oil sector, the banking system, commercial banks, reformation, sustainability |
THEORY
Sadigov Shaheen Mustafa
Dr. in Economy Associate Professor of Azerbaijan State University of Economics
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