Launched a project to improve the financial literacy of consumers of financial services
Today Baku is hosting a one-day seminar on the launch of the World Bank component of the "Protection of human and financial literacy of consumers" of the project "Modernization of the financial sector of Azerbaijan."
The project is funded by the Swiss State Secretariat for Economic Affairs (SECO). The total cost of the project with the capacity building of state LLC AzerPocht is $ 3.1 million.
WB manager on Azerbaijan Larisa Leshchenko and the regional representative of SECO Mathias Feldman praised the government's attention to Azerbaijan issue consumer protection of financial services. According to them, the project will strengthen the confidence of consumers of financial services, to inspire confidence in the financial sector. SECO representative stressed that the project for its successful implementation must be supported not only by state agencies (the Central Bank, the Agency for Insurance Supervision under the Ministry of Taxes), but also the private sector, as a result of financial literacy of consumers of financial services will grow and bank and insurance sectors.
During the workshop, representatives of the CBA, the Agency for Insurance Supervision told of acts and regulations to protect the rights of consumers of financial services (credit, voluntary and compulsory insurance). The seminar also heard reports on the foreign experience protecting the rights of consumers of financial services.
We note that the project does not include measures to protect the rights of consumers in the capital market, although this segment of the financial market is most vulnerable in Azerbaijan. - 08C-
Economics
-
On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
-
Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
-
Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
-
S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
Leave a review