Minister: Azerbaijan targets two-hour treasury payments

Azerbaijan aims to reduce treasury payment processing times to two hours, Azerbaijan's Minister of Finance Sahil Babayev said at the conference under the theme Digital Financial Ecosystem: A New Stage in Governance, held in Baku, Report informs.

"If previously treasury payments required at least five working days to be processed, today payments are completed on the same day, with an average processing time of no more than 10 hours. The goal for next year is to reduce this period to two hours.

Alongside the digital contract system, a new treasury module and an digital accounting system have also been fully deployed. These systems cover the entire chain of processes, from signing public procurement contracts to executing payments, as well as maintaining records in the state assets registry. They also contribute to the creation of a unified database of state assets," the minister said.