A delegation from the Central Bank of the Republic of Azerbaijan attended a seminar with World Bank supervisors to discuss its 2011-2014 plans for improving the regulatory framework for operational risk management in banks.
The seminar included the introduction of international standards for operations risk management into Azerbaijan's banking system. The World Bank will use the information obtained to determine future regulatory requirements.
Azerbaijan finished its post-Soviet transition into a major oil based economy with the completion of the Baku-Tbilisi-Ceyhan Pipeline.
The government has also completed the privatization of most agricultural lands and small and medium-sized enterprises as well as many large state enterprises.
Regulatory reforms have generally lagged behind overall economic stabilization, although the Ministry of Economic Development has undertaken reforms in some areas, including the substantial opening of its trade policy. Trade with Russia and the other former Soviet republics is declining in importance while trade is building with Turkey, Iran, the United Arab Emirates and the European Union.
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