Azerbaijan’s state program to help increase level of non-cash payments (PHOTO)
Baku, Azerbaijan, Oct. 31
By Huseyn Veliyev - Trend:
Implementation of Azerbaijan’s state program to expand digital payments for 2018-2020 will help increase the level of non-cash settlements to 34 percent, Head of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a meeting organized by the American Chamber of Commerce in Azerbaijan (AmCham).
Digitalization is an important component of the dynamics of the global economy’s development, he said.
He noted that the state program approved last month to expand digital payments for 2018-2020 reflects all the main components of the development of a cash-free society.
“It's no secret that we have been working on this issue for a long time,” he said. “However, this time the approach is more strategic and fundamental. We also have other priority projects, including instant payments, a pilot blockchain. All of them, in general, provide an integrated approach and will serve the development of this function of the CBA, and their implementation will give impetus to both the development of the banking sector and business.”
The annual volume of non-cash payments in Azerbaijan will reach about 17 billion manats by 2021, according to the state program on the expansion of digital payments in 2018-2020.
Implementation of the program will allow to increase the share of non-cash payments by seven percent annually.
According to the program, the share of cash payments in transactions carried out in the country's economy will fall from 74 percent to 40 percent.
Three basic terms and specific goals for each of them have been defined in order to speed up the implementation of the state program.