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.