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.