Azerbaijan measures volume of cash economy

Baku. 21 July. REPORT.AZ/ Presentation was held of the project "Cashless Azerbaijan", which will be implemented within the framework of joint cooperation of the Central Bank of Azerbaijan (CBA) with MasterCard Worldwide international card organization.

Report informs citing the Azerbaijan Banks Association, project "Cashless Azerbaijan" will consist of 3 stages. The first stage includes assessment of the current situation and measurement of the volume of cash economy, the second identifying the strategy and the third development of a detailed action program. Works on the first phase of the project have already been completed.

The meeting mentioned that MasterCard Worldwide launched a new project with the CBA since February of the current year for broad diagnostics of the fundamental factors that stipulate high cashing in the country's economy, measuring the volume of cash economy on key sectors of non-oil sector, reducing cash circulation in the economy and development of cashless payments.

At the meeting, representatives of MasterCard Worldwide briefed about current global trends, situation in the region, Azerbaijan's role and current cashless potential in the country. In addition, possible ways of implementing this potential were offered and discussions with the banks were held.