Baku, Azerbaijan, Oct. 26
By Azad Hasanli – Trend:
Increasing the volume of non-cash settlements, quality of banking services and their digitization will be priorities for the development of Azerbaijan’s banking sector in 2018, Zakir Nuriyev, head of the Azerbaijan Banks Association (ABA), told reporters in Baku Oct. 26.
The set objectives and priorities are reflected in the Strategic Road Map for Development of Financial Services in Azerbaijan.
In general, Azerbaijan set 16 priorities for the development of financial services by 2020.
The Road Map envisages development of the insurance market, restructuring, capitalization and rehabilitation of banks, strengthening of financial inclusion, development of capital market and money market, creation of a mechanism of protection of creditors’ rights, development of a system for sharing credit information, and establishment of a new regulatory and supervisory platform to promote digital transformation of financial institutions and others.
Azerbaijan plans to spend about 115 million manats to implement all the measures envisaged in the Road Map.
Implementation of the basic measures only will allow increasing Azerbaijan’s GDP by more than 750 million manats until 2020.
(1.7002 manats = 1 USD on Oct. 26)