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Azerbaijan defines strategic goals and priorities for development of financial services

14 December 2016 18:38 (UTC +04:00)

Azerbaijan has defined five strategic goals and 16 priorities for the development of financial services until 2020, APA reports.

This is reflected in the "strategic road map for the development of financial services in Azerbaijan", published on Wednesday.

“Starting from 2015 due to foreign shocks, sensitivity of Azerbaijan's financial system to risks increased. Amid growing risks, the lack of strategy and business model focused on sustainable and long-term goals, as well as a simple risk management of some financial institutions have complicated the adaptation of the financial system to the new economic situation and limited financial intermediation,” the document says.

Thus, the strategic objectives were chosen: the formation of the financial system, consisting of a dynamic and healthy financial institutions; development of financial markets; strengthening of infrastructure; improving the regulatory and supervisory mechanisms; improving financial literacy.

"Road Map" envisages the development of the insurance market, restructuring, capitalization and improvement of banks, increasing financial inclusiveness, development of capital market, money market, establishment of the working mechanism for protection of creditor rights, development of a system for the exchange of credit information, formation of a new regulatory and supervisory architecture for the promotion of digital transformation of financial institutions and others.