Central Bank of Azerbaijan and IFC sign cooperation agreement

Central Bank continues to implement measures within the State Program on Expansion of Digital Payments in the Republic of Azerbaijan for 2018-2020" approved by the decree of the President of Azerbaijan No. 508 dated September 26, 2018.

One of the crucial innovations in the CBA's activities is introducing new financial instruments as a part of cooperation with international commercial organizations, Report says, Central Bank.

Central Bank of Azerbaijan signed an agreement with the International Finance Corporation, a member of the World Bank Group, to increase access to banking products and services. The project is expected to create a regulatory framework, develop a roadmap for using an open banking approach and the functioning of an instant payment system.