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Azerbaijan considers possibility of reducing tariffs to promote cashless payments

Business Materials 25 January 2011 18:46

Azerbaijan, Baku, Jan. 25 / Trend N.Ismayilova /

The Central Bank of Azerbaijan (CBA) sees a need to intensify dialogue with business structures to increase their interest in moving to cashless transactions, CBA Chairman Elman Rustamov said in an interview with state television AzTV.

"A working group was created jointly with the Taxes Ministry to stimulate the country's non-cash payments. We study the activities undertaken for their economic stimulus. That is active dialogue with business structures, which will help to know their expectations from the system and increase the interest, as well as a reduction in expenditures in this area, including tariffs, and the cost of transactions through ATMs and POS terminals," Rustamov said.

There also must be used administrative measures to all realize that al is responsible for violation of the law. Development of cashless payments in the country is a serious matter and one of the main tasks of the CBA, Rustamov said.

"Calculations by the banking system is a sign of national economic development. The bottom line is how many calculations are performed by the banking sector, how much money remains in the sector, and how they can be used, including, not only for payment transactions, but also to credit and savings. This means an increase in capital and investment. The country's economy becomes stronger and expands its financial potential," he said.

Rustamov said today that the CBA created a national electronic payment infrastructure by examining the most advanced experience of developed countries. It fully meets international standards, and today, specialists from more than 10 countries have visited Azerbaijan to become familiar with this system and to borrow from the country's experience in this field.

"Over the past 5 years the number of payment cards issued by banks increased by 1.7 times and reached 4 million units. The number of POS terminals increased by 3.8 times, reaching 8,000 units, and ATMs roughly doubled, exceeding 1,900 units," he added.

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