BAKU, Azerbaijan, June 4. The Central Bank of Azerbaijan held a meeting with insurance agents who are actively working in the insurance market during this week, Trend reports.
The issues of the insurance market development were analyzed, as well as an exchange of views on strengthening the institution of an insurance agent was held, during the meeting.
The CBA has been working to strengthen cybersecurity in the financial markets of Azerbaijan this week.
The adopted "Cybersecurity Strategy in financial markets" will contribute to strengthening cybersecurity in the financial markets of Azerbaijan. The aim of the new strategy is to increase cyber resilience and strengthen information security in financial markets to ensure financial stability in Azerbaijan.
Also this week, Gazprombank published a forecast for the growth of Azerbaijan's GDP.
According to the forecast, with the average price of Brent crude at $93 per barrel, the growth will be 3 percent. With a possible correction in the price of Brent oil to $80 per barrel in 2024 and the development of the non-oil and gas sector, growth will accelerate to 3.5 percent.
Moreover, Gazprombank notes that economic diversification plays a key role in increasing the investment attractiveness of Azerbaijan. The diversification of Azerbaijan's economy contributes to the development of the country as a transport and logistics center of Eurasia.
The development of the transport sector and related infrastructure will lead to an increase in the share of transport and construction in GDP. These industries are expected to account for about 27 percent of GDP in 2024 and exceed 30 percent over the next five years, including the effect of new projects in Azerbaijan’s Karabakh.
According to Gazprombank's forecast, inflation will be at the level of 8 percent in 2023, and it should decrease to 7 percent in 2024.
Also this week, the Russian Bank Otkrytie Financial Corporation continues to expand its opportunities for customers by providing new services for cross-border transfers. Now account holders and bank cards can send money to Azerbaijan via a mobile application and Internet banking. To make a transfer to Azerbaijan, you must specify the bank card number. The maximum transfer amount for one operation is 15,000 rubles ($185.7). Transfers are made instantly and without commission in national currencies.
