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Action plan to improve financial literacy being prepared in Azerbaijan

25 June 2018 18:14 (UTC+04:00)
Action plan to improve financial literacy being prepared in Azerbaijan

By Rashid Shirinov

The Azerbaijani government is preparing a comprehensive action plan to improve financial literacy in the country, a source in the government told Trend.

A working group was established for this purpose, which includes representatives of the Central Bank, the ministries of education, economy and taxes, the Financial Market Supervision Chamber and the Azerbaijan Bank Training Center. Moreover, international experts are involved in the project.

The source noted that within the action plan it is scheduled to study the compliance of the current educational programs in Azerbaijani universities with the realities of the financial markets. In addition, members of the working group will take measures to strengthen the personnel training of banks, insurance and investment companies.

“Improving the financial literacy of the population is very important in terms of development and empowerment of the financial sector. For example, due to the lack of awareness, many still avoid buying bonds or life insurance policies, which can easily compete with bank deposits in terms of profitability,” the source said.

They added that a higher level of financial literacy would let people avoid a number of problems.

“Such seemingly little things like the ability to properly create a family budget, the correct assessment of creditworthiness, and the understanding of what financial instruments may be needed in certain cases would help to avoid excessive debt load, unnecessary spending and generally contribute to the accumulation of funds,” the source noted.

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Rashid Shirinov is AzerNews’ staff journalist, follow him on Twitter: @RashidShirinov

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