Baku: The Asian Development Bank and the Central Bank of Azerbaijan recently collaborated to conduct a two-day training session for central bank employees, focusing on the supervision of domestic credit rating agencies in Azerbaijan. This initiative underscores the ongoing cooperation between the two institutions aimed at enhancing the financial sector’s resilience and human capital development in the country.
According to Azerbaijan State News Agency, the training commenced with opening remarks from Sunniya Durrani-Jamal, the ADB’s Country Director for Azerbaijan, and Shahin Mahmudzade, the Executive Director of the Central Bank. Mahmudzade highlighted the significant impact of the longstanding partnership between the ADB and the Central Bank in fortifying Azerbaijan’s financial sector. He expressed optimism that the skills and knowledge acquired during the training would further advance the sector’s development.
Durrani-Jamal emphasized the critical role that credit rating agencies play in the evolution of financial markets. She pointed out their importance in providing market participants with reliable and transparent information, which is essential for informed investment decisions.
The training delved into the roles and functions of domestic credit rating agencies, examining different types of credit ratings and their influence on investment decisions and regulatory frameworks. Participants engaged in discussions on managing credit-rating risks, corporate governance, supervisory standards, and international practices for developing a domestic supervisory framework.