Today.Az » Business » CIS member states to integrate finance and banking systems at Baku conference
02 October 2009 [15:34] - Today.Az
At II Baku International Banking Conference of the CIS member states on the topic of "Enhancing the stability of the financial and banking systems of the Commonwealth", it is expected to sign a document that will give impetus to further work on integration of financial and banking systems of the Commonwealth countries, the CIS Finance and Banking Council said.
The conference will be held in Baku on Oct. 13-16.
The financial crisis revealed the fragility of the CIS banking sector and its dependence on speculative forms of capital, which led to think seriously about the need for fundamental changes in approaches to develop the CIS countries' banking systems.
"Urgent problems of the CIS banking systems require balanced and informed solutions. The format of the II Baku International Banking Conference is the best suited for taking such decisions, in fact, the conference is a unique platform for direct substantive dialogue among the leaders of major financial, banking and investment institutions of countries near and far abroad," said the report.
The conference "Enhancing the stability of financial and banking systems of the Commonwealth" will be attended by key representatives of political and business elites of the CIS countries.
The agenda of the conference will focus on the problems of stability of the CIS banking systems in terms of instability on world financial markets, as well as development of financial infrastructure as a basis for forming an integrated regional banking market of the Commonwealth, the prospects of forming a common currency area in the field of settlement and payment systems in the CIS.
To launch the mechanisms for economic growth in the CIS countries and the CIS banking sector's entering the international competitive level, it is necessary to coordinate joint efforts to attract long-term investment of funds in the real economy and take steps to reduce dependence on foreign lending.
A key task in the current situation is to create favorable conditions for the formation of inter-state investment agencies and unhindered cross-flow of capital. The success of this process will largely depend on the ability to seek domestic long-term investment resources within the Commonwealth.
The conference is organized by the Finance and Banking Council of CIS (FBC) under support of the Executive Committee of CIS, the Presidential Administration of Azerbaijan, International Bank of Azerbaijan and the Bank VTB.
The Council has been founded upon the initiative of leading financial and commercial institutions of the CIS member countries. The FBC has been established due to the need of the members of national financial markets to create favorable conditions for an effective action in the territory of the CIS countries, formerly belonging to a common economic space of the USSR.
The FBC assists in reviving joint efforts to promote the banks, stock exchanges and other financial institutions, promotes trade and economic relations of the CIS countries, plays an important role in finding a prospective multinational projects and establishing an effective financial products.
The CIS FBC President is Andrey Kostin, vice-president - Jahangir Hajiyev, chairman of the coordinating council - Anatoly Kazakov, general manager of partnership - Pavel Nefidov.
/Trend Capital/
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