BAKU, Azerbaijan, October 29. One of the key
areas of cooperation between the Central Bank of Azerbaijan (CBA)
and central banks in other countries is the integration of payment
systems to make cross-border settlements faster and less expensive,
governor of the Central Bank of Azerbaijan (CBA) Taleh Kazimov
said, Trend's
correspondent reports from the event.


He made the remarks at a press conference on Thursday following
a meeting on the parameters of the interest rate corridor.


According to him, the CBA maintains close professional and
institutional ties with other central banks, both within relevant
organizations and outside them.


“We have very good and productive relations with every central
bank. Strong ties have been established at the professional level
and between teams, including employees of the central banks of the
countries that belong to these organizations. Our staff also
participate very actively in this cooperation,” Kazimov said.


The CBA governor noted that cooperation between central banks
covers several key areas, including direct settlements between
countries, the development of instant payment infrastructure and
mutual recognition of QR code standards.


“We see the main benefits in several areas. First and foremost,
we are working together to enable direct settlements between these
countries, including through cooperation on instant payment
infrastructure and the mutual recognition of QR code standards,” he
said.


According to Kazimov, cooperation also covers macroeconomic
modeling, fintech and startups.







“We also have a joint network in macroeconomics, particularly in
modeling. We cooperate in fintech and startups as well. For
example, during a meeting with my counterpart in Uzbekistan, we
agreed to share our regulatory sandboxes. The aim is to enable a
startup operating within a sandbox in one country to operate in the
other country as well,” the CBA governor said.


He noted that cooperation between central banks would remain
active.


“Our relations are very productive, active and friendly. They
are very important, and we believe they will remain so,” Kazimov
added.


The CBA governor said the main expectation for the coming period
is the integration of payment systems.


“Our main expectation is to integrate our payment systems in the
near future and thereby help make payments between these countries
even less expensive,” he said.