14:38 - 17.02.2025

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February 17, Fineko/abc.az. Financial inclusion remains one of the key topics at the global level, especially in developing economies, including Azerbaijan.

ABC.AZ reports that Central Bank of Azerbaijan’s chairman Taleh Kazimov said about this at the AlUla Conference for Emerging Market Economies in Riyadh

The conference was organized by the Ministry of Finance of Saudi Arabia and the Regional Office of the International Monetary Fund (IMF).

According to Kazimov, 70% of Azerbaijan's adult population already have bank accounts, which has become a significant achievement in a short time. However, challenges remain that the CBA faces, especially in monetary policy and financial stability.

"The ratio of banking assets to GDP is 42%, which indicates insufficient coverage of the economy by the banking sector, but simultaneously points to great growth potential. Today, banks control about 95% of all financial assets in the country. Another problem remains the high level of cash in circulation: the M0 indicator is 43% of M2," he said.