Financial literacy is a set of knowledge, skills, awareness, and behaviors critical for individuals to understand financial products and services, evaluate financial risks and opportunities, make informed choices and take other effective steps (OECD-The Organization for Economic Cooperation and Development). Accordingly, financial literacy is considered to be a vital element for well-being of the population, economic growth and financial stability of any country.
The Central Bank of the Republic of Azerbaijan (CBA) conducts various specific events oriented towards economic education of the population, raising financial literacy, meanwhile protecting consumer finance. The main target groups of the events include schoolchildren, students, teachers, households, journalists engaged in the economy and banking and banks staff. To raise financial literacy of consumers over the period the Bank provided workshops and seminars, public actions, summer schools, OJTs, contests on different nominations, educational games, promo campaigns for target groups and launched intellectual resources.
Modern intellectual facilities are used at the events held to contribute to recognition of financial literacy as a public value, raising consumers’ level of awareness and finance protection, as well as make proper financial decisions. One of such intellectual facilities is the Financial Literacy Portal launched in 2015 (www.bizimpullar.az), which allows to familiarize with economy and finance related informative materials, explanatory animations on banking services and central banking, virtual museum and headings for schoolchildren, as well as use economic games and calculators.
Another intellectual facility launched by the CBA for economic literacy is the virtual education platform released in 2017 (www.edu.e-cbar.az). The main goal of the platform that offers traditional training techniques under a modern format is to contribute to raising knowledge and skills of those engaged and willing to engage in the economy and the financial – banking sector. Using interactive multimedia resources of the platform one can improve expertise anytime and anywhere.
‘Increasing knowledge and skills of financial market participants’ was designated as a separate target in the ‘Strategic Roadmap on Development of Financial Services in the Republic of Azerbaijan’ approved by the Decree of the President of the Republic of Azerbaijan dated 6 December 2016, once again highlighting the importance of financial literacy. The document set financial literacy related strategic tasks before the CBA as a key executor of the priority of raising financial awareness and finance protection of consumers. The Bank delivers educational and promo events for target groups to discharge the tasks in question and to raise public awareness on digital payments as specified in the State Program on Expansion of Digital Payments in the Republic of Azerbaijan in 2018 – 2020 approved by Decree of President of the Republic of Azerbaijan dated 26 September 2018, regularly enriching the content of the Financial Literacy portal and the virtual education platform.
A dedicated structural unit of the CBA involved in economic education coordinates related efforts institutionally on behalf of the Bank providing cooperation with central banks of other countries, foreign and local educational institutions, exchange of necessary information and maintenance of mutual business relations.
For more information please go to the Financial Literacy portal (www.bizimpullar.az).