CBA presents roadmap on financial services for 2023

Finance Materials 30 December 2022 10:47
Baku, Azerbaijan Trend News Agency
CBA presents roadmap on financial services for 2023

At the meeting of the working group of the Central Bank of Azerbaijan (CBA) on the development of financial markets and the availability of loans, the Commission on Business Environment and International Rankings was presented with information on the draft action plan of the working group for 2023 and the roadmap for 2023 on financial services under the project "Improving Business Environment for Prosperity" of the World Bank Group, Trend reports citing the CBA

The road map consists of 3 sub-indicators, 11 components, 47 sub-components, and 42 indicators.

According to the CBA, 18 of these measures include activities related to sustainable financing, 12 - with the activities of credit bureaus and registries, 5 - with the efficiency of obtaining loans, 5 - with electronic payments, and 2 - with the formation of regulatory frameworks for business loans and secured transactions.

Also, information was provided on measures aimed at sustainable financing.

"These measures include the formation of a legal framework for green bonds, the development of a roadmap and a taxonomy of sustainable financing (a classification system for economic activity), the development of a procedure for issuing green bonds, as well as the inclusion of climate risks in the financial control structure and measures to form a regulatory framework for green loans", the CBA said in a statement.

In addition, the CBA also mentioned the measures to be implemented in the activities of credit bureaus and registries.

"Measures have been determined to expand the coverage of information submitted to credit bureaus and registries, improve the scoring evaluation model, and expand the coverage of the register of movable encumbrances," the bank said.

Furthermore, detailed information was provided during the meeting on the effectiveness of obtaining loans, measures envisaged in the framework of electronic payment regulation, as well as business loans and secured transactions.