Central Bank: Azerbaijan intends to reduce share of cash payments by 17% annually


November 15, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) is concerned about the high level of cash use in the country, which causes lack of transparency in the economy and affects macroeconomic stability.

CBA first deputy chairman of board Alim Guliyev stated during the 3rd International Banking Forum that in Azerbaijan, as well as in many countries of the world, the level of settlement in cash is high.

"The transition to non-cash economy is the main element of the Strategic Roadmap and approval of the State Non-Cash Payment Expansion Program 2018-20 was the political support of the head of state in the process of transition to non-cash economy," Guliyev said.

According to Guliyev, as a result of four main directions and about 60 action plans envisaged by the State Program, it is planned to reduce annually the share of cash payments by 17% in Azerbaijan and reduce its level from the current 74% to 40%.