Taleh Kazimov: Financial sector is striving to move from traditional channels to digital intermediation

The Central Bank of Azerbaijan (CBA) will continue its activities aimed at maintaining macroeconomic stability, ensuring financial inclusion, and supporting efficient resource allocation in the country, CBA Chairman Taleh Kazimov stated during a high-level presentation event in Baku for the World Bank's World Development Report (WDR) 2024, Report informs.

"The financial sector will continue to finance households and businesses through the '2024-2026 Financial Sector Development Strategy' by diversifying financial instruments and promoting sustainable financing. The financial sector strives to transition from traditional channels to digital financial intermediation to increase financial accessibility and depth. This has had and will continue to have a significant impact on financial inclusion. Increasing financial literacy and knowledge of households and businesses will also be one of the main priorities," he noted.

According to the CBA chairman, strengthening the banking sector's sustainability and developing insurance, securities, and payment sectors will support the financial sector's growing role in financing the economy: "Our main goal is to strengthen and direct financing to economic sectors with high competitive advantages and support domestic and foreign investments in innovation. I believe that utilizing our strong and reliable financial sector can play a decisive role in avoiding the middle-income trap. Furthermore, the CBA will continue close cooperation with the government, World Bank, and other stakeholders to ensure its policy alignment with strategic priorities identified in the recently approved Country Partnership Framework for 2025-2029."