BAKU, Azerbaijan, Dec.29
By Zeyni Jafarov – Trend:
A program to modernize the financial sector will be implemented in Azerbaijan in 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA).
According to the CBA, together with McKinsey & Company, the possibility of creating a construction-savings bank is also being studied.
“The program envisions to conduct an in-depth diagnosis of financial inclusiveness, as well as to prepare the respective strategy and action plan. So, for expanding the inclusiveness, it’s planned to encourage the digitalization of financial services and the use of financial technologies,” said the bank.
Besides, for a comprehensive diagnosis of the financial sector, the Central Bank began cooperating with the World Bank within the Financial Sector Assessment Program (FSAP), and also intends to work closely with the government of Azerbaijan in 2021 to solve the ecosystem problems of the financial sector. In the financial and banking system, it is planned to encourage measures aimed at increasing business loans next year.
Another direction in Azerbaijan's economy for 2021 will be improving the access of the population in the country's regions to financial resources and the creation of a financial-banking infrastructure in the territories liberated from the Armenian occupation (during the 44-day Patriotic War from Sept.27 through early Nov.2020).
Implementation of the targeted policy allowed minimizing the negative consequences of the COVID-19 pandemic and macroeconomic-financial stability was ensured in Azerbaijan.
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