10:56 - 14.02.2025

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February 14, Fineko/abc.az. The achievements within the Financial Sector Development Strategy 2024-2026, approved by the Central Bank at the beginning of 2024, are reflected in the positive results of assessments conducted by international organizations on the economy and financial sector of the country.

ABC.AZ informs that CBA deputy chairman of board Torgul Aliyev made this statement at the Azerbaijan Financial Forum in Baku. Speaking about the upcoming strategic period, the CBA representative noted that the successful trend towards effective operations and ratings will continue.

According to Aliyev, strategic initiatives for development of the financial sector mainly include four important priorities:

"The first of these is initiatives to ensure the stability of the financial sector, its institutions, markets and infrastructure. In this regard, last year the CBA continued to modernize the prudential regulatory framework, revised corporate governance standards in banks, adopted recommendations reflecting the vision of the future, and introduced corporate governance standards for insurance and investment companies. As always, special attention is paid to issues of risk management and effective control, and the Risk-based Control Policy Concept and the Macroprudential Policy Framework in the Banking Sector have been approved. In this direction, banks have launched the application of regulation in the field of environmental risk management, operational risk management and other areas. New rules for the activities of non-bank credit organizations have been adopted. Requirements have been established for the transfer of risks in the insurance sector abroad, as well as for the reinsurance of catastrophic risks, and a sustainable reinsurance policy has been formed."