Azerbaijan, Uzbekistan Explore Financial Sector Cooperation

(MENAFN- AzerNews) Ulviyya Poladova Read more

A delegation from the Central Bank of Uzbekistan has paid a working visit to the Central Bank of Azerbaijan (CBA).

According to the CBA, meetings held during the visit focused on the identification and assessment of strategic and operational risks, the implementation of key risk indicators (KRIs), risk and control self-assessment (RCSA), and the coordination of governance, risk and compliance (GRC) processes.

The discussions also covered model risk management, information technology and cybersecurity risks, financial risk management, assessment methodologies and institutional approaches.

Meanwhile, CBA Governor Taleh Kazimov said at a press conference held the previous day that the regulator was open to expanding the presence of foreign financial institutions in Azerbaijan, including banks, as well as companies operating in the capital markets and insurance sectors.

He noted that the CBA participates in international events and presents Azerbaijan's financial sector to attract greater interest from foreign investors.

"We are very open not only to foreign banks but also to capital markets and the insurance sector. One of the reasons I frequently travel abroad and speak at various conferences is to promote Azerbaijan's financial sector. We need to raise awareness of our financial sector so that interested parties can ask questions and visit Azerbaijan," Kazimov emphasized.

The CBA governor also addressed the integration of payment systems and data exchange between Azerbaijan and other countries. He noted that there is currently no international digital platform connecting the central banks of different countries through a unified system.

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