Azerbaijan participates in 7th Meeting of OIC-COMCEC Central Banks Forum

Taleh Kazimov, Governor of the Central Bank of Azerbaijan (CBA), led a delegation to Istanbul, Türkiye, to participate in the 7th Forum of Central Banks under the Organization of Islamic Cooperation – Standing Committee for Economic and Commercial Cooperation (OIC-COMCEC), Report informs, referring to the CBA.

Speaking on the topic "Payment services and cross-border transactions: outcomes from the practical session", the CBA Governor shared his views on payment systems and cross-border operations. He described payment systems as one of the most dynamic and strategically important areas in the global financial landscape, calling them a key pillar of the modern economy.

He underlined the need to invest in digital infrastructure, ensure interoperability between systems, and strengthen cooperation with international partners to make payment services, particularly cross-border payments, faster, more transparent, and more accessible.

Taleh Kazimov also spoke about ongoing initiatives as part of the 2024-2026 Financial Sector Development Strategy in Azerbaijan, aimed at improving the national payment system, creating a favorable environment for market participants, and supporting safe and efficient payment services.

Since 2009, meetings of central banks and monetary authorities within the OIC-COMCEC framework have been held in Istanbul. These forums serve as a crucial platform for deepening cooperation among member countries" central banks, coordinating policy measures, and addressing pressing issues in monetary, banking, and financial sectors.