BAKU, Azerbaijan, February 10. The volume of card payments in Azerbaijan has increased by 14.1 times over the past five years, said President of Azerbaijan Banks Association Zakir Nuriyev at the event on the topic "Heydar Aliyev and Azerbaijan's tax system: to new challenges", Trend reports.
He noted that this rate increased by 2.2 times in 2022 compared to 2021.
"I would like to note that non-cash payments accounted for 43.5 percent of the total turnover of funds in 2022," he said.
Nuriyev noted that the loan portfolio of Azerbaijan's banks equaled 19.6 billion manat ($11.5 billion) in 2022, while the deposits in banks totaled 33.8 billion manat ($19.8 billion).
"These rates have increased significantly compared to previous periods. I believe that digitalization, which banks are actively implementing, is behind such dynamic growth," he said.
According to Nuriyev, last year the Azerbaijan Banks Association took more than 80 measures for the optimization of the legal framework.
"This year, we anticipate the passage of legislation aimed at simplifying and accelerating the development of our country's financial sector," he added.