The Strategic Roadmap of Development of Financial Services in Azerbaijan has been promulgated
According to the document, the main objectives are the creation of the financial system on the basis of dynamic and healthy financial institutions, the development of financial markets, the strengthening of infrastructure, the improvement of regulatory and supervisory mechanisms, and financial literacy.
According to Turan’s experts, such plans have been voiced before, but this is not a strategy, but tactics. In addition, a healthy financial system should be based on a healthy real economy and trade, Azerbaijan is still dependent on hydrocarbon exports. Moreover, all banks in the country, with the exception of the CBA, suffocate without foreign currency against the background of capital outflow abroad in 2014. There is uncontrollably booming black market of currency under the "roof" of the financial and credit institutions.
The government, referring to the difficult situation, refers to the foreign shock effect that has increased the sensitivity of the local financial system to risks. “Against the background of growing risks the lack of strategy and business model focused on sustainable and long-term goals at several financial institutions, as well as simple risk management, has complicated the adaptation of the financial system to the new economic situation and limited financial intermediation,” the document says.
The government optimistically asks for AZN 115 million for the implementation of the road map, which will allow increasing the country's GDP by more than AZN 750 million before 2020. --17D-
Economics
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In a strategic move to bolster mechanisms against financial crimes and terrorism financing, Azerbaijan's Deputy Prime Minister, Samir Sharifov, has been appointed as the head of the newly restructured Coordinating Council on Counter-Terrorism Financing and Other Financial Crimes.
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Azerbaijan is accelerating its transition to green energy through the coordinated efforts of its "Green Energy Zone" task force, which recently held its latest hybrid meeting to review progress and outline future priorities. The Ministry of Energy, reporting on Wednesday’s session, emphasized the task force's central role in implementing the 2022–2026 Socio-Economic Development Strategy, a cornerstone of Azerbaijan’s ambitions for sustainable growth.
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AzerGold, Azerbaijan’s state-owned mining company, is pursuing opportunities for strategic collaboration with Turkish firms in Africa as part of its efforts to expand its presence in the global mining sector. Recent talks between Zakir Ibrahimov, Chairman of the Board of AzerGold CJSC, and Şebnem Cenk, Head of the West and Central Africa Department at Turkey's Ministry of Foreign Affairs, highlighted the potential for a mutually beneficial partnership.
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