BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) has held a press conference following the announcement of the parameters of the interest rate corridor (refinancing rate), Trend reports.
The event speaker, CBA Governor Taleh Kazimov said that economic growth in the country is forecasted at 3.9 percent this year.
"For next year, we forecast growth of 3.3 percent. Growth in the oil sector is expected to be 6.5 percent this year and 5.1 percent next year," he explained.
Besides, the governor mentioned that CBA will continue interventions in the foreign exchange market in the direction of sales until the end of this year
“In October, we sold foreign currency worth $424 million.Reason being, government needs must be met. We anticipate maintaining sales over the following two months as well,” he explained.
Another speaker, CBA Executive Director Shahin Mahmudzade said that the bank plans to present a unified taxonomy principle at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).
Mahmudzade mentioned that public consultations regarding the taxonomy were conducted in the final stage.
"About 200 stakeholders participated, including local and international organizations, as well as public and private entities. Two of them stand out due to their significance. Our local taxonomy is already in an economic context, and we plan to present it in three areas," said the executive director.
Regarding adaptation and coordination with international taxonomies, he noted that work has been carried out in collaboration with two international organizations.
"One of them is the Sustainable Finance and Banking Network, and the other is the International Platform on Sustainable Finance. These two organizations cover over 110 countries, and we can report that we have already reached agreements with all countries, and the coordination process is ongoing. We plan to present the unified taxonomy principle at COP29," he mentioned.
According to Mahmudzade, CBA is developing a state program for financial inclusion.
"The document is currently undergoing approval. The inclusion initiative will undertake research focused on enhancing financial inclusion from multiple perspectives. Projects will be executed that delineate the responsibilities of various government institutions," the official added.
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