The Central Bank of Azerbaijan (CBA) plans to implement labor bureaucratization in the banking sector in the coming months.
elchi reports, citing Report, that CBA Governor Taleh Kazimov announced this at a press conference held today.
“Banks’ expenses are increasing. This is because, on one hand, inflation has been high in recent years, and on the other hand, we have imposed additional requirements to ensure stability in this sector. Specifically, requirements that did not exist before have been set for information technology (IT) infrastructure, cybersecurity, and information security. Furthermore, the increase in state-regulated prices is affecting banks’ expenses. Moreover, competition is strong, which will also impact interest rates.
Our main goal is to carry out the necessary integrations with the Ministry of Labor and Social Protection of the Population so that individuals working in both the public and private sectors can receive their salaries from the bank of their choice. In the next phase, this will also apply to pensioners, covering Baku city and the Absheron district in particular. Overall, we want to make this process very simple for citizens. Therefore, work must be done from both an IT infrastructure and software perspective. We will likely achieve this in 3-4 months,” he noted.