Azerbaijan plans to speed up cashless transactions

Business Materials 7 March 2012 16:09 (UTC +04:00)

Azerbaijan, Baku, March 7 / Trend A.Akhundov /

A draft of the State Programme for the expansion of electronic payments in Azerbaijan in 2012-2016, prepared by the country's Central Bank, suggests bringing cashless transactions in Azerbaijan within five years to the level of the Baltic countries and Eastern Europe, the Azerbaijani ministry of taxes said on Wednesday.

'Today in the Baltic countries, non-cash payments account for approximately 45 per cent of total turnover whilst in Azerbaijan the figure is 3.5 per cent. We plan to increase the non-cash turnover within five years by more than ten times', the article said.

The Ministry of Taxes under the programme will provide a receipt of taxes, fees and other payments to the budget through the national payment system. To this end work on creating the portal of public benefits in Komis (centralised information system for mass payments) has already begun.

'To date information about 20,000 taxpayers has been input into the system. In the near future making payments using the Komis system on 90 types of payments will begin', the article says.

As of late 2011, through AZIPS (national interbank payment system for large) system payments to the sum of 99 billion manat were carried out, XONKS (clearing system of small payments) was 8.6 billion manat, and Komis - 20 million payments.

The opportunity to pay all utilities and payments to the traffic police using the Komis system has also been created.

The official exchange rate is 0.7863 AZN to $1 on March 7.