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Digital payments and digitalization of banks to increase GDP AZN 190 mln. in Azerbaijan next year

06 November 2019 12:12 (UTC +04:00)

A priority has been determined on expansion of digital payments in strategic road maps in telecommunication field. According to our calculations, expansion of digital payments will directly increase the Gross Domestic Product (GDP) by AZN 40 mln., while indirectly AZN 15 mln., and in total AZN 55 mln. in 2020”, Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC) said while his speech at IV International Banking Forum, APA-Economics reports.

Speaking on strategic road map in financial field, V. Gasimli stated that a concrete target has been determined related to the digitalization of banks in strategic road map. V. Gasimli noted importance of the adoption of action plan on realization of digital transformation: “Impact of the priority related to the digitalization of banks on GDP will be AZN 135 mln. in 2020. AZN 120 mln. of the amount will be direct impact, while AZN 15 mln. indirect impact.”