Azerbaijani Central Bank proposes to launch regulatory agency to protect rights of financial services users
Azerbaijan, Baku, June 24 / Trend , N. Kirtskhalia/
Azerbaijani Central Bank and the World Bank have designed a report on protection of rights of users of financial services and raise knowledge in the area of finances, Central Bank International Relations Department Head Farid Bakhshiyev said.
"This is the first report of this kind in Azerbaijan and covers legislation and legal bodies, financial control and microfinance sector," Bakhshiyev said.
He said this is initial draft of the report and amendments are expected to be made in future. Suzan Rootletzh is the regional coordinator of the project.
Nine reports of this kind have already been designed in Europe and Asia.
Central Bank deputy Director Alim Guliyev said protection of rights of financial services users is very important today. "Even before Central Bank was negotiating with various financial institutions to advance the issue. In this regard, the World Bank experts conducted a diagnosis, assessment and market analysis with the aim of improving financial literacy that includes banking, insurance sector and capital market," he said.
He said chief aim of the Central Bank is to create an effective system of protection of rights of financial services users and to create a special regulatory body.
"This issue is very important specifically on the backdrop of crisis. It can help increase trust to banking and improve bank services," he said.
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