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Regional Meeting of Payment Experts from Central (National) Banks of Central Asian Countries and Azerbaijan
The Central Bank of the Republic of Azerbaijan initiated a regional event on 13-14 June 2024 in Baku featuring representatives from central banks of Kazakhstan, Kyrgyzstan, Uzbekistan, and Tajikistan. During the event, payment experts from these central banks shared their experiences and discussed global payment trends.
Among the topics discussed were innovations in the Azerbaijani payments system, improvements to the legislative framework, cashless payment trends, innovative payment solutions used, the involvement of fintechs to the payments market, and initiatives to expand the coverage of the National Payments System.
Participants also debated topics such as options for introducing digital currencies, boosting the use of instant payment systems, the role of the open banking model in fintech development, the application of modern regulatory technologies in the financial sector and the expansion of cybersecurity information sharing between central banks. They also considered opportunities for future cooperation between the Central Bank of Azerbaijan and the central banks of Central Asia and the integration of the payments’ infrastructures of these countries.
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The 1st International Research Conference
The 1st International Research Conference titled Macroeconomic Policies and Financial Stability Issues in Emerging Markets was held in Baku on 30 – 31 October 2014. The conference was attended by about 30 renowned researchers from central banks and universities of 15 countries, as well as researchers from our leading higher institutions and think tanks, and financial – banking sector representatives.
The key goal of the conference was to hold interactive discussions among researchers and policymakers on institutional reforms, the macroeconomic and financial policy framework, as well as post-crisis financial stability issues and challenges in developing economies.
The keynote speakers were Prof. Joshua Aizenman from the South Carolina University on Fiscal and Monetary Policy Concerns of Emerging and Resource Rich Countries in the Post-crisis Period and Prof. Refet Gürkaynak from the Bilkent University on the Optimum Mandate of Central Banking.
The keynote speeches were followed by 7 sessions, where about 30 renowned researchers from leading central banks and universities, as well as researchers from the Center for Researches and Development of the CBA delivered their presentations.
The conference was wound up by summary of research findings and post-crisis macroeconomic challenges in developing and resource rich countries, followed by proposals on formation of the monetary policy framework, and regulation of financial markets.
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Next meeting of Swiss Constituency in WB and IMF
The Swiss Constituency in the WB and the IMF held its next meeting in Baku on 5 – 6 July, 2014 attended by finance ministers and central bank governors of 8 member countries, as well as economic development ministers and high ranking officials from WB and IMF and academic staff.
The key goal of the meeting in Baku was to strengthen the cooperation between Azerbaijan and the Constituency Meeting member countries, as well as further enhance our country’s position in the Constituency Group in the WB and the IMF.
The meeting was preceded by the Economic Diversification and Macroeconomic Policy Issues in Resource Rich Countries seminar. WB Chief Economist Hans Timmer made the Diversified Development: Means or an End presentation and Hossein Samiei, Middle East and Central Asia Department, IMF presented Managing Energy Resource Wealth: a Macro/Fiscal Perspective.
The Constituency Group meeting gave the floor to discussions on preparation for the next annual meeting of the WB and the IMF, processes in the global economy, protection of mutual interests of member countries, as well as other issues on the agenda.
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27th regular meeting of Central Bank Governors Club of Central Asia, Black Sea Region and Balkan Countries
The 27th regular meeting of Central Bank Governors Club of Central Asia, the Black Sea Region and Balkan Countries was held on 12 – 13 May, 2012 in the Baku city. Participants discussed the sovereign debt problem of the Euro zone and its spillover to non-EU member Eurasian countries, global financial stability and the role of counter-cyclic macro prudential supervision in emerging markets and experience of member countries. The event enabled the CBA to discuss mutual cooperation with central banks of member countries and have an exchange of experience. It was the key contribution to boost of the international image of Azerbaijan, as well as the CBA.
The event was attended by central bank representatives from 19 countries, including governors of central banks of Turkey, Russia, the Czech Republic, Romania, Albania, Kazakhstan, Kyrgyzstan, and Tajikistan.
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Second High Level Economic Policy Forum
The CBA jointly with the World Bank organized the Second High Level Economic Policy Forum in the city of Baku on 5 – 6 March, 2012. The Forum was dedicated to the country’s long-term socio-economic growth strategy and gave floor to internationally critical intellectual discussions with the participation of esteemed think tanks, Nobel Prize winners and renowned experts. Participants had an exchange of views and presentations on non-oil export for the economic diversification and growth, agricultural policies, market institutions, and human capital for growth and diversification. In parallel, participants issued recommendations regarding diversification of the country economy, discussed best practices and opportunities for introduction of these practices in Azerbaijan.
Former President of Chile, Manager of the Chilean Foundation for Democracy and Development Ricardo Lagos, President of the Institute for Liberty and Democracy in Peru Mr Hernando de Soto, Senior Adviser at the European Bank for Reconstruction and Development, Professor of the London Business School Mr Simon Commander, Director of the UNESCO Bangkok Office Mr Gwang Jo Kim, Professor of the Department of Economics at the Adelaida University Mr Kym Anderson and Chair for Applied Institutional Economics at the Moscow State University Mr Alexander Auzan delivered various presentations during the event.
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Azerbaijani Days in World Bank headquarters in Washington
The CBA and the World Bank Office in Azerbaijan jointly held Azerbaijani Days in the WB headquarters in Washington on 15 – 16 March, 2011, the key goal of which was to celebrate fruitful cooperation between the WB and Azerbaijan, further enhance the dialogue with this institution and introduce the Azerbaijani culture to the Bank employees.
CBA officials held meetings with the WB President, the IMF Chief Economist, CEOs of the WB and the IMF and other WB officials during the Azerbaijani Days. The meetings covered the history of development of the cooperation between the WB and Azerbaijan, fruits of this cooperation and future cooperation prospects, the country economic growth strategy of the WB, credit portfolio on Azerbaijan, necessity for mutual exchange of intellectuals, joint projects by Azerbaijan and the WB, growth of the Azerbaijani banking sector, the medium- and long-run strategy of the CBA’s exchange rate policy, as well as macro prudential and supervisory measures taken to enhance financial stability. In parallel, the CBA representatives delivered presentations on Management and Transparency of Oil Revenues and Development of Financial Services.
The CBA organized an exhibition of carpets and silk, a photo gallery in the WB premises to introduce the Azerbaijani culture along with official events, live carpet weaving and national clothes displayed, and national meals delivered to WB and IMF employees to the accompaniment of the classic Azerbaijani music. Pictures and posters, as well as short videos reflecting rich cultural heritage of Azerbaijan, images of the capital Baku, and economic growth in the country were demonstrated during the event.
