Central Bank of Azerbaijan and Turkish Finance Authority sign Memorandum of Understanding – AZERTAC

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Baku, April 1, AZERTAC

The Central Bank of the Republic of Azerbaijan continues to implement large-scale strategic projects to expand the coverage of digital payments in the country, as well as to digitize banking services, the insurance sector and capital markets in the country. using innovative fintech. In this regard, digitalization trends in the world are constantly monitored, cooperation with international organizations and regulators in other countries is carried out.

In this context, close cooperation has been established between the Central Bank and the Finance Office of the Presidency of the Republic of Turkey (Turkish Finance Office). To expand this cooperation and discuss future directions, a meeting was held on March 31 between the President of the Central Bank Elman Rustamov and the Chairman of the Finance Office of Turkiye Goksel Asan. The parties highly appreciated the existing intensive cooperation between the financial sectors of the two brotherly countries and discussed the prospects for future cooperation.

Affirming that the international prestige of Azerbaijan and its attractiveness for international cooperation are constantly growing due to the socio-political stability and rapid socio-economic development achieved in the country thanks to the successful policy pursued by President Ilham Aliyev, Elman Rustamov underlined the close long-term cooperation between Azerbaijan and Turkey and also provided detailed information on the successful cooperation between the financial sectors of the two countries, including central banks, the insurance sector and capital markets.

Goksel Asan, in turn, praised Turkey’s cooperation with brotherly Azerbaijan, noting that the Azerbaijani government has made significant efforts in recent years to reduce the country’s dependence on oil and gas resources and diversify the economy by expanding private sector participation to ensure sustainable economic growth.

During the meeting, the parties stressed that the memorandum to be signed today will make a further significant contribution to deepening cooperation. At the end of the meeting, a memorandum of understanding for mutual cooperation was signed between the Central Bank and the Finance Department. It was noted that the protocol covers issues of expansion of the fintech ecosystem, the introduction of an open banking approach, the digital transformation of the insurance sector and capital markets, as well as the establishment a legal framework that supports innovative financial technologies and the creation of cooperative frameworks. increase the potential of human resources.

The protocol will serve to further strengthen cooperation between the two brotherly countries in all areas, including the formation of a fintech ecosystem and thus the expansion of competitive, innovative and accessible digital financial services in the financial sector.

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