Expansion of non-cash payments in Azerbaijan may lead to lower interest rates
By Trend
Interest rates may decrease in Azerbaijan thanks to the full transition to non-cash payments, Chairman of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said at an event in Baku dedicated to non-cash payments, Trend reports Feb. 28.
He said that the State Program for the Expansion of Digital Payments for 2018-2020, unlike all previous programs, is the most improved of all the previous ones.
“The main task here is to increase the volume of non-cash payments in Azerbaijan and minimize the amount of cash payments,” said Nuriyev.
He noted that this provides the banking sector with access to financial resources, and this may contribute to lower interest rates of banks.
“These measures will help to achieve progress in the economy and, at the same time, improve the social condition of the population,” he added.
He also noted that the increase in non-cash transactions indicates an increase in banks’ incomes, and this in turn helps reduce the cost of services provided by credit institutions.
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