CBA: Azerbaijan To Introduce Google Pay Services

By Ayya Lmahamad

Google Pay services will be introduced in Azerbaijan in the near future, Central Bank (CBA) Executive Director Farid Osmanov said at a press conference, Azernews reports.

“Apple Pay payment service has already been launched as part of CBA projects, and Google Pay services will also be introduced in the near future,” he said.

He emphasized that the bank is constantly working on expanding financial inclusion and increasing the availability of financial services.

“Necessary steps are being taken to improve services of the country's financial institutions, as well as to create a competitive environment involving international organizations,” he said.

Revolut entering the Azerbaijani market

Osmanov mentioned that CBA is negotiating with the UK-based Revolut fintech company, which eyes entering the Azerbaijani market.

He noted that the Central Bank and Revolut discussed the company's intention to provide money transfer services in Azerbaijan.

“In case the final decisions are made, the Central Bank will provide further information,” he said.

Online sales in the securities market

Speaking at the conference, CBA Governor Taleh Kazimov stated that the bank is negotiating with several investment companies to organize online sales in the securities market.

“The public will be later provided with detailed information. Neighboring countries are actively improving the international experience in this regard, and would like to see digital stocks and bonds bought and sold on the securities market,” he said.

AZN-USD exchange rate

“No changes are expected in the exchange rate policy of Azerbaijani manat against the U.S. dollar until the end of 2022,” Kazimov said.

He noted that currently, the bank has no expectations to change the Azerbaijani manat rate by the end of the year, considering the surplus in the balance of payments and a sharp decline in demand at foreign exchange auctions.

Kazimov added that the volume of current purchases of cash currency by banks from the population exceeds its sales.

“The population sells more foreign currency than it purchases. The growth in money transfers to Azerbaijan has also positive impact on the situation,” he concluded.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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