14/05/2014PASHA Bank, one of Azerbaijan's largest banks, announces that it has launched the first of a series of economic reviews, which will be issued on a quarterly basis. These reports are developed by the Bank's own economists and reflect the country's key quarterly economic dynamics, including a macro-economic overview, trends in Azerbaijan's financial and banking system, developments in the financial markets and key poliсy changes. They also outline economic growth forecasts for the year ahead. The reviews will enable existing and potential customers to closely monitor macro and micro-economic trends affecting their business objectives and will be available in both Azerbaijani and English.
Taleh Kazimov, Chief Investment Officer of PASHA Bank, commented: "Azerbaijan is currently entering a new stage of economic development, with the economy continuing to diversify beyond the energy sector. There are a number of structural changes taking place within the economy, and competition on both the domestic and international markets is continuing to grow. Against this backdrop, PASHA Bank, as a reliable financial partner and Azerbaijan's leading corporate bank, believes it is timely to introduce detailed economic reports to help its customers assess the risks and opportunities present within Azerbaijan's economy."
Elman Eminov, Senior Economist of PASHA Bank, also commented: "Azerbaijan's economy has demonstrated strong growth dynamics in the first quarter of 2014, driven in part by improving internal demand and high budget expenditure. The government also successfully implemented further economic reforms in the first quarter, which are encouraging signs that it is committed to continued structural and institutional reforms. Reducing the amount of oil revenues spent by the government will also be instrumental in ensuring that Azerbaijan's economy continues to expand in a sustainable manner."