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Azerbaijan's Central Bank to improve banking infrastructure in regions during 2021

Finance Materials 18 January 2021 18:12
Azerbaijan's Central Bank to improve banking infrastructure in regions during 2021

BAKU, Azerbaijan, Jan. 18

By Zeyni Jafarov - Trend:

The Central Bank of Azerbaijan (CBA) will especially focused on business lending in the strategies of local banks in 2021, the CBA told Trend.

According to the CBA statements, the activation of the interbank money market will accelerate the flow of resources between banks and, thereby, meet the business needs for financial resources.

“Special attention will be paid to improving access to finance in the regions of Azerbaijan in all quarters of 2021. The creation of a banking and financial infrastructure in the territories liberated from the Armenian occupation will become an important component of the ‘Great Return’ plans,” the bank added.

“Ensuring close coordination with the government to address the main ecosystem problems of the financial sector will continue this year. For a comprehensive diagnosis of the financial sector, the CBA in 2020 began to cooperate with the World Bank under the FSAP program,” the bank said.

“The transparency of the economic turnover, the strengthening of the stability of the macro-fiscal framework and the improvement of the competitive environment will also have a positive impact on the activities of the financial sector in the current year,” the CBA said.

“In 2021, the focus will also be on further deepening macroeconomic stability in the national economy, returning to the trajectory of economic growth and restoring jobs, and effective coordination of this policy will ensure the broad implementation of these goals,” said the CBA.

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