BAKU, Azerbaijan, December 3. The results of the development strategy for the financial sector of Azerbaijan for 2024–2026 and its impact on the market will be noticeable soon, Executive Director of the Central Bank of Azerbaijan (CBA) Vusal Khalilov said at the 8th International Banking Forum today in Azerbaijan's Baku, Trend reports.
"We are nearing the end of the first year of the strategic period for 2024-2026, and we will provide detailed information once this year concludes. The CBA team and all other structures in the sector have contributed to the results, which I highly appreciate.
The key point I want to emphasize is this: the strategy has specific goals and Key Performance Indicators (KPIs). In some areas, we are already seeing that we are achieving these goals. We continue to implement the assigned objectives for other tasks, but the concrete figures will not immediately reflect their effects. This will affect the entire sector and take time to adjust.
The resources allocated by the CBA to implement changes under the strategy are indeed investments. The transition to new reporting frameworks under risk-based supervision, the development of open banking services, and the upcoming announcement of cybersecurity rules and IT governance regulations are all examples. The sector's sustainable development is the goal of all these measures.
It's essential to view the invested resources as investments. Therefore, if we talk about the current stage, we rate it highly and hope that the results of the strategy and its impact on the market will become tangible in the near future," he added.
To note, the 8th International Banking Forum is underway in Baku, Azerbaijan, for two days. Its main topics are digital transformation (digital and neobanks), data management and analytics strategies, the transition to contactless technologies, instant, seamless, and compatible international payments, the revolution of decentralized finance (DeFi), cloud systems, and alternatives to outflows.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel