The Central Bank of Azerbaijan plans to implement labor bureaucratization in the banking sector in the coming months.
Modern.az reports that this was announced by the Chairman of the CBA, Taleh Kazimov, at a press conference held today. He drew attention to the increase in banks' expenses.
"On the one hand, inflation has been high in recent years, and on the other hand, we have set additional requirements to ensure sustainability in this sector. Also, the increase in prices regulated by the state affects the expenses of banks. Moreover, competition is strong, which will affect interest rates."
Taleh Kazimov said that by carrying out relevant integrations with the Ministry of Labor and Social Protection of the Population, work is being done so that people working in both the public and private sectors can receive their salaries from any bank they wish.
"In the next stage, this will also apply to pensioners, especially covering the city of Baku and Absheron district. In general, we want to make this process very simple for citizens. Therefore, work must be done from the point of view of both IT infrastructure and software. We will probably achieve this in 3-4 months," he noted.
