Azerbaijan's CBA Governor Backs Foreign Banks' Activity In Country

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 29. The Central Bank of Azerbaijan (CBA) supports the activity of foreign banks in Azerbaijan and believes that this will contribute to the development of competition, human capital, and new technologies within the financial sector, the governor of the Central Bank of Azerbaijan 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 notion that the CBA is concerned about the presence of foreign banks in Azerbaijan is incorrect.

"This view is mistaken. On the contrary, we support the establishment of foreign banks in Azerbaijan and are very pleased with it. This will contribute to the development of the sector, the advancement of human capital, the utilization of information technologies and security capabilities, as well as the overall competitive environment," noted Kazimov.

The CBA governor remarked that the Central Bank maintains an open stance toward the expansion of foreign financial institutions, including banks, as well as entities in the capital market and insurance sectors, within Azerbaijan.

"We are very open to foreign participation not only in the banking sector but also in the capital markets and the insurance industry. One of the reasons I frequently travel abroad and speak at various conferences is to promote Azerbaijan's financial sector. It's essential to showcase our country's financial sector so that interested parties can ask questions and come to Azerbaijan," he said.

Kazimov also addressed the integration of payment systems and the exchange of information between Azerbaijan and other countries.

According to him, there is currently no unified international digital platform that brings together the central banks of different countries into a single system.

"To my knowledge, no such platform exists that unites the central banks of various countries within a single system. However, we are conducting separate discussions with the central bank of each country. As far as I am aware, we have already initiated more detailed processes with one or two countries," the CBA governor emphasized.

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