Azerbaijan's Central Bank finalising financial sector dev't strategy

The Central Bank of Azerbaijan (CBA) will soon complete work on the strategy for the development of the financial sector.

CBA Director General Farid Osmanov made the remarks at the 7^th International Banking Forum (IBF-2023) in Baku, Report informs.

The CBA representative said that the Law on Payment Services and Payment Systems will come into force in the country on 9 November.

"After that, necessary measures will be taken in the direction of forming the efficiency of payments in the financial markets. Our strategic goal is to shape the concept of open banking within the next period, accelerating the transition from open banking to open finance. This transition will enhance the ability to share open data across the banking, insurance and capital markets sectors," he added.