Azerbaijan learns South Korea's experience in banking sector PHOTO

A delegation comprising representatives of the Central Bank of Azerbaijan (CBA), the Azerbaijan Banks Association and the Ministry of Finance has paid a business visit to South Korea.

During the visit, organised with the support of the Asian Development Bank, CBA representatives took part in meetings with employees of Korean credit rating agencies, Kookmin Bank and the Financial Services Commission, Report informs, citing the CBA.

In the course of the meetings with Korean credit rating agencies, the institutional framework of credit rating agencies, methodologies and practices supporting the credit rating system, and the impact of the regulatory framework on the development of the respective agencies were discussed.

A meeting with Kookmin Bank, one of the country's largest banks, explored the bank's risk assessment and mitigation methods.

During the meeting with the Financial Services Commision, the experience in regulating the Korean rating market was exchanged.

The CBA Financial Sector Development Strategy for 2024-2026 includes initiatives related to the regulation of rating agencies.