BAKU, Azerbaijan, February 10. The financial sector plays a crucial role in financing economic growth, with its main goal being the attraction of both domestic and foreign investments, particularly in innovation, and providing financial support to various economic sectors, said Taleh Kazimov, the Governor of the Central Bank of Azerbaijan (CBA) at the presentation of the World Bank's 2024 World Development Report (WDR) in Baku, Trend reports.
Addressing the event, Kazimov emphasized that effectively utilizing Azerbaijan's strong and stable financial sector could help avoid the middle-income trap.
The CBA will continue to closely cooperate with the government, the World Bank, and other stakeholders to ensure that the CBA's policies align with the strategic priorities of the renewed Partnership Framework with the World Bank for the years 2025-2029.
"This year, the CBA will take measures to diversify financial instruments. Throughout the year, initiatives will focus on expanding the range of sustainable financial instruments and enhancing the monetary policy mechanism," he added.
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