(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 1. The Central Bank
of Azerbaijan (CBA) has held a press conference following the
announcement of the parameters of the interest rate corridor
(refinancing rate), Trend reports.
The event speaker, CBA Governor Taleh Kazimov said that economic
growth in the country is forecasted at 3.9 percent this year.
"For next year, we forecast growth of 3.3 percent. Growth in the
oil sector is expected to be 6.5 percent this year and 5.1 percent
next year," he explained.
Besides, the governor mentioned that CBA will continue
interventions in the foreign exchange market in the direction of
sales until the end of this year
“In October, we sold foreign currency worth $424 million
being, government needs must be met. We anticipate maintaining
sales over the following two months as well,” he explained.
Another speaker, CBA Executive Director Shahin Mahmudzade said
that the bank plans to present a unified taxonomy principle at the
29th session of the Conference of the Parties to the UN Framework
Convention on Climate Change (COP29).
Mahmudzade mentioned that public consultations regarding the
taxonomy were conducted in the final stage.
"About 200 stakeholders participated, including local and
international organizations, as well as public and private
entities. Two of them stand out due to their significance. Our
local taxonomy is already in an economic context, and we plan to
present it in three areas," said the executive director.
Regarding adaptation and coordination with international
taxonomies, he noted that work has been carried out in
collaboration with two international organizations.
"One of them is the Sustainable Finance and Banking Network, and
the other is the International Platform on Sustainable Finance.
These two organizations cover over 110 countries, and we can report
that we have already reached agreements with all countries, and the
coordination process is ongoing. We plan to present the unified
taxonomy principle at COP29," he mentioned.
According to Mahmudzade, CBA is developing a state program for
financial inclusion.
"The document is currently undergoing approval. The inclusion
initiative will undertake research focused on enhancing financial
inclusion from multiple perspectives. Projects will be executed
that delineate the responsibilities of various government
institutions," the official added.
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