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Akbar Novruz

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The Central Bank of Azerbaijan (CBA) aims not only to develop the domestic financial market but also to support the international expansion of Azerbaijani financial institutions, a senior CBA official has said, AzerNEWS reports.

Speaking at the event titled "Azerbaijan's Digital Finance Agenda," Ramil Mahmudov, Deputy Director of the CBA's Payment Systems and Product Development Department, said one of the Bank's key priorities is to facilitate the access of local financial service providers to foreign markets.

According to Mahmudov, a major focus of this strategy is the development of cross-border payment systems and integration with the payment infrastructures of other countries.

"In the near future, it is planned to establish mutual payment integrations with countries where Azerbaijan has the highest trade turnover and tourist flows," he said.

Mahmudov added that the Central Bank also sees long-term potential for Azerbaijan to develop into a regional payment hub.

He noted, however, that achieving this objective will require a long-term approach, including the creation of a modern and effective regulatory framework that supports innovation and enables the introduction of new financial products and services.