Central Bank delegation was on a business trip to Republic of Korea

23-05-2024

Baku, 23 May 2024: The delegation comprising representatives from the Central Bank of the Republic of Azerbaijan, the Azerbaijan Banks Association and the Ministry of Finance recently concluded a business trip to the Republic of Korea. Supported by the Asian Development Bank, the delegation participated in meetings with representatives of Korea’s credit rating agencies, Kookmin Bank, and the Financial Services Commission.

During the meetings with Korean credit rating agencies (CRAs), discussions focused on the institutional framework of CRAs, methodologies, and practices supporting rating systems, as well as the impact of the legal and regulatory framework on the development of CRAs.

The delegation also met with representatives of Kookmin Bank, one of Korea's largest banks, where discussions centered on the bank's risk assessment and mitigation practices. Another important meeting was held with the Financial Services Commission, which is responsible for ensuring the development and stability of the Korean financial sector. Within this meeting, experiences were exchanged regarding the regulatory framework of the Korean rating market.

The "Financial Sector Development Strategy 2024-2026" of the Central Bank of the Republic of Azerbaijan includes initiatives to regulate the activities of CRAs. Currently, the focus is on creating a comprehensive legal and regulatory framework for CRAs, with significant measures being undertaken in this direction.