Central bank: Population’s financial literacy impacts on financial sector development in Azerbaijan

Business Materials 8 October 2012 18:53 (UTC +04:00)

Azerbaijan, Baku, Oct. 8 / Trend J. Nasibova /

The Azerbaijani Central Bank (CBA) is interested in improving the financial literacy of the population, which plays an important role in the development of the financial sector in the country, CBA development department Deputy Director Natavan Mammadova said at VI Azerbaijan Microfinance Conference in Baku on Friday.

"The high level of the population's financial awareness, which must be developed from childhood, is a big plus for potential customers of banks and financial institutions," she said. "Moreover, financial awareness effects on reducing the risks and improving the level of corporate social responsibility, as well as plays a major role in socio-economic development of the country as a whole."

She added that CBA also attaches great importance to gender equality in the banking sector.

"Women hold many senior positions in the CBA departments," she said. "This is stipulated by the CBA's attention paid to the gender equity in the personnel policy of the bank."