Azerbaijan affected by world economic crisis less as compared to other CIS states

The main topic of discussions at the conference "Financial markets of the countries of the Commonwealth: development and integration", to open in Baku tomorrow will be the joint actions to tackle the consequences of the world financial crisis, said Anatoli Kazakov, chairman of the Coordination board of the CIS financial-banking council at a press conference in Baku today.

He said one of the main issues for discussion will be the problem of monetary calculations between the CIS states, including holding mutual calculations in a reserve currency. "On the background of instability of Euro and dollar Russia intends to make ruble a reserve currency. Other CIS countries may also suggest their currency", said Kazakov.

He said the crisis in the world economy is considered to last for one more year. "Heads of financial institutions of the leading countries have repeatedly gathered and there have been a session of the CIS Finance Ministers. One more meeting of the kind will soon be held in Saint Petersburg, where it is necessary to consider the issue of changing the whole financial order, as IMF and rating agencies proved helpless in such situations", said Kazakov.

He considers that Azerbaijan has suffered least today. "The first victims were Kazakhstan and Ukraine where the volume of external loans exceeds 50% as well as Russia and Belarus. But Russia has a strong stabilization fund and gold monetary reserves', said Kazakov.

/Day.Az/