BAKU, Azerbaijan, October 1. The Central Bank of Azerbaijan (CBA) and the World Bank (WB) are jointly implementing the "Financial Sector Modernization Project 3", Trend reports.
According to the information, the main purpose of the project is to strengthen control and regulation of the financial sector, support the implementation of the state program of financial accessibility and support the Central Bank in monitoring the financial sector.
In addition, the XX meeting of the Council of Heads of Supreme Audit Institutions (SAI) of the Commonwealth of Independent States (CIS) member states approved the Council's work plan for 2023-2025, including the report of the Working Group on the development of standards.
In addition, the Central Bank of Azerbaijan commented on the introduction of digital currency and noted that the adoption of the law "On Payment Services and Payment Systems" will play a significant role in the development of the digital payments ecosystem in Azerbaijan, but the law as a whole does not contain any provisions regarding digital currencies, including the Central Bank's digital currency, and this area is not regulated.
This week Economy Minister Mikayil Jabbarov held a meeting in the format of videoconference with Hungarian Minister of Economic Development Márton Nagy. The sides discussed the directions of economic cooperation, encouragement of investments and possibilities of realization of joint projects.
It was also reported that Minister Mikayil Jabbarov discussed with Georgian Prime Minister Irakli Garibashvili the strengthening of economic partnership between the countries.
As noted this week, the European Bank for Reconstruction and Development (EBRD) forecasts that real gross domestic product (GDP) in Azerbaijan this year will grow by 1.5 percent year-on-year, and next year real economic growth in Azerbaijan will be 2.5 percent.
It was also reported that to date, Swiss SECO has financed development projects in Azerbaijan to the amount of about 109 million Swiss francs ($119.3 million). The total amount of financing within the Swiss Cooperation Program with the South Caucasus region for 2022-2025 is 80.22 million Swiss francs ($87.6 million).
In addition, the procedure of opening bank accounts for entrepreneurs has been changed in Azerbaijan. Thus, from October 1 of this year, the amendment to Article 35 of the Tax Code, introduced at the end of last year, concerning the procedure for opening accounts of taxpayers in banks and other organizations engaged in banking activities in Azerbaijan, will come into force.