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Central Bank of Azerbaijan talks about co-op with international institutions

Economy Materials 1 October 2022 14:52 (UTC +04:00)
Central Bank of Azerbaijan talks about co-op with international institutions
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, October 1. The Central Bank of Azerbaijan (CBA) is cooperating closely with international organizations on various strategic projects, Executive Director at the Central Bank of Azerbaijan Farid Osmanov told Trend.

According to him, the performance of anyщту wishing to enter the financial market will be regulated in accordance with the bill "On payment services and systems".

"Here we're talking about support, joint testing of startup projects, as well as help in entering the financial market. This approach of the Central Bank reflects assistance to start-ups in reaching the financial market," Osmanov said.

He also noted that the country's current legislation doesn't prevent foreign financial institutions from penetrating the country's market.

"Decisions on the entry of a foreign institution into our market are made directly by these organizations themselves. Azerbaijan's legislation doesn't ensure any privileges for them. However, the bill "On payment services and systems" will provide for the control of the activities of foreign financial organizations," the executive director said.

Speaking of cooperation with the World Bank and the International Finance Corporation (IFC), Osmanov stressed that the CBA has a joint platform with the mentioned agencies.

"We cooperate with IFC on Open Banking projects, financial technologies, exchange experience in the formation of statutory regulation. The Central Bank mainly collaborates with both the WB and IFC in areas where it hasn't had enough practice," he said.

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