Azerbaijan gets acquainted with South Korea's experience in financial sector

A delegation consisting of representatives of the Central Bank of Azerbaijan (CBA), Azerbaijan Banks Association Public Union and the Ministry of Finance was on a business trip to South Korea, Report informs, citing the CBA.

As a part of the visit, which was supported by the Asian Development Bank (ADB), representatives of CBA participated in meetings with the staff of Korean credit rating agencies, Kookmin Bank and the Financial Services Commission.

During meetings with Korean credit rating agencies, the institutional framework of rating agencies, methodologies and practices supporting credit rating systems, as well as the impact of the legal and regulatory framework on the development of relevant agencies were discussed.

Moreover, at the meeting with representatives of Kookmin Bank, one of the largest banks in South Korea, the bank's risk assessment and mitigation practices were studied.

At the same time, a meeting was also held with the Financial Services Commission, which ensures the development and stability of the Korean financial sector. Within the meeting, experience was exchanged on the regulatory framework of the Korean rating market.

CBA's 2024-2026 Financial Sector Development Strategy includes initiatives related to the regulation of rating agencies. At present, the creation of a legal and regulatory framework for rating agencies is being focused on and measures are being taken in this direction.