Azerbaijan sets 5 goals to develop financial services by 2020

The set objectives and priorities are reflected in the Strategic Road Map for Development of Financial Services in Azerbaijan, published Dec. 14.

The strategic objectives are the formation of a financial system consisting of dynamic and strong financial institutions, development of financial markets, strengthening of infrastructure, improvement of regulation and supervision mechanisms, and improvement of financial literacy.

The Road Map envisages development of the insurance market, restructuring, capitalization and rehabilitation of banks, strengthening of financial inclusion, development of capital market and money market, creation of a mechanism of protection of creditors’ rights, development of a system for sharing credit information, and establishment of a new regulatory and supervisory platform to promote digital transformation of financial institutions and others.

Azerbaijan plans to spend about 115 million manats to implement all the measures envisaged in the Road Map.

Implementation of the basic measures only will allow increasing Azerbaijan’s GDP by more than 750 million manats until 2020.