Azerbaijan's CBA Works To Integrate Cross-Border Payment Systems

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 29. One of the key areas of cooperation between the Central Bank of Azerbaijan (CBA) and central banks in other countries is the integration of payment systems to make cross-border settlements faster and less expensive, governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said, Trend 's correspondent reports from the event.

He made the remarks at a press conference on Thursday following a meeting on the parameters of the interest rate corridor.

According to him, the CBA maintains close professional and institutional ties with other central banks, both within relevant organizations and outside them.

“We have very good and productive relations with every central bank. Strong ties have been established at the professional level and between teams, including employees of the central banks of the countries that belong to these organizations. Our staff also participate very actively in this cooperation,” Kazimov said.

The CBA governor noted that cooperation between central banks covers several key areas, including direct settlements between countries, the development of instant payment infrastructure and mutual recognition of QR code standards.

“We see the main benefits in several areas. First and foremost, we are working together to enable direct settlements between these countries, including through cooperation on instant payment infrastructure and the mutual recognition of QR code standards,” he said.

According to Kazimov, cooperation also covers macroeconomic modeling, fintech and startups.

“We also have a joint network in macroeconomics, particularly in modeling. We cooperate in fintech and startups as well. For example, during a meeting with my counterpart in Uzbekistan, we agreed to share our regulatory sandboxes. The aim is to enable a startup operating within a sandbox in one country to operate in the other country as well,” the CBA governor said.

He noted that cooperation between central banks would remain active.

“Our relations are very productive, active and friendly. They are very important, and we believe they will remain so,” Kazimov added.

The CBA governor said the main expectation for the coming period is the integration of payment systems.

“Our main expectation is to integrate our payment systems in the near future and thereby help make payments between these countries even less expensive,” he said.

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