Azerbaijan to establish working groups to expand access to financial and banking services

On Friday, the Central Bank of Azerbaijan (CBA) held a meeting with the Association of Banks of Azerbaijan, National Confederation of Entrepreneurs, the banking sector and the business community to discuss topical issues, CBA reported on Friday.

According to the CBA chairman Elman Rustamov, the main indicators of the banking sector have increased 15 times over the past 10 years. 

"Today, the majority of the population, exactly about 4 million people is provided with financial and banking services," said Rustamov.

During the meeting, a question was raised to renegotiate interest rates on credit products, as well as other banking services in order to expand opportunities of entrepreneurs and the population to use financial services. The significance of financial resources was noted to increase competitiveness and profitability of banks. The meeting also discussed the possibility of reducing the cost of services for social payments for the poor people.

Attention was also paid to reducing the cost of banking services and products. According to the report, now proposals are prepared to improve security mechanism.

As stated in the report, the banks need to raise the social responsibility and improve the financial culture and efficiency of public services.

One of the important tasks assigned to banks is to increase the use of cashless payments. Thus, CBA, banks and relevant agencies should work actively to develop this infrastructure, because it will expand the tax base, increase the investment potential of the banking sector and provide an access for people to safe and convenient way to pay. Banks must initiate encouraging activities, deals at more favorable prices, expand technological infrastructure.

According to the research indicate, there is high demand for mortgage loans, and this mechanism should be expanded, and the financial possibilities of the domestic market should be used. The credit applications of citizens must be considered timely, bureaucracy must be eliminated, and costs must be minimized.

Following the meeting, it was decided to establish working groups in order to fulfill issues raised during the discussions. These issues will be studied and an action plan will be prepared.


/Trend/