Central Bank: Share of cash payments to sharply decline in Azerbaijan (PHOTO)
Baku, Azerbaijan, Nov. 15
By Taleh Mursagulov – Trend:
The share of cash payments in Azerbaijan will fall from 74 percent to 40 percent, First Deputy Chairman of the Central Bank of Azerbaijan Alim Guliyev said at the 3rd International Banking Forum in Baku on Nov. 15.
“Annually the volume of non-cash payments will grow by seven percent,” he said. “The expansion of the use of non-cash payments and the digitalization of the economy are on the agenda.”
"Today, there is a decrease in the mediation function of the financial and banking sectors,” Guliyev added. “This is an obstacle to control the money supply. There are problems related to transparency, as well as problems in the tax sphere. All this has a negative impact on economic growth."
He stressed that the implementation of the program on the digital economy, along with the elimination of the abovementioned problems, also contributes to the formation of monetary and economic stability.
The two-day 3rd International Banking Forum "Non-cash Economy: Transition from Traditional to Digital Banking", organized by the Central Bank, Azerbaijan’s Financial Market Supervisory Authority (FIMSA), the Center for Analysis of Economic Reforms and Communication and the Azerbaijan Banks Association, kicked off in Baku on Nov. 15.
About 100 representatives of local and foreign financial organizations of Europe, the US, Japan, China and the CIS, including Citibank, Commerzbank AG, Yandex.Money, Raiffeisen Bank International AG, Deloitte, Standard Chartered Bank, Moody's Investors Service and others, participate in the event.