Central Bank and Banks’ Association discussed banking sector development in Nakhichevan Autonomous Republic

25-10-2021

22 October 2021, Baku:  Elman Rustamov, Governor of the Central Bank of the Republic of Azerbaijan and Zakir Nuriyev, President of the Azerbaijan Banks’ Association paid a visit to the Nakhichevan Autonomous Republic to discuss problems of banking sector development, access of the population and businesses to financial services, potential of the banking sector to support SMEs, expansion of cashless payments and other issues of the kind.  

It was noted at the meeting that because of the targeted economic policy and structural-institutional reforms implemented under the leadership of Honorable President Mr Ilham Aliyev, macroeconomic stability was safeguarded in the country, economic activity maintained positive dynamics, and critical achievements were attained in socio-economic development. From the first days of the pandemic, a wide range of measures were taken under the leadership of the President to reduce impact of the pandemic on the country economy, ensure macroeconomic stability and employment, and support the real sector. The Azerbaijani banking sector was also marked with ongoing reforms and development, the range and quality of bank services and products improved aided by critical measures to rehabilitate and capitalize banks.

Due to the blockade, the financial sector of the Nakhichevan AR, its problems and development issues have always been in the center of attention. The main goal of the meeting was to jointly discuss the current situation and works to be done in the sector, including improvement of access of the population and entrepreneurs to financial services, expansion of cashless operations, wider mortgage lending to improve housing condition of the population.      

As a result of the discussions, the main tasks ahead are to expand access to finance for the population and businesses, make financial services accessible, expand the scope of mortgage lending to improve housing conditions, increase the volume of cashless transactions, provide entrepreneurs with export lending to increase export potential of the Nakhichevan AR economy, actively involve the banks operating in Nakhichevan in implementation of the self-employment program, attract their staff to  the educational process and trainings and relevant instructions were issued to control and address these issues.