Full transition to non-cash settlements to increase Azerbaijan's revenues

  01 November 2017    Read: 438
Full transition to non-cash settlements to increase Azerbaijan's revenues

The full transition to non-cash settlements contributes to the growth of financial inclusiveness, said Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication.

He made the remarks at an event dedicated to the “State Program on Expansion of Digital Payments in the Republic of Azerbaijan for 2018-2020” in Baku Nov. 1, according to the Center’s message.

Gasimli noted that the development of non-cash settlements contributes to improvement of business environment and the efficiency of economy.

International experts believe that the full use of non-cash settlements in Baku will lead to an increase of $1.9 billion in revenues, including business income – by $1.4 billion, government’s revenues – by $400 million, consumers’ income – by $100 million, said the executive director.

This process will also allow increasing employment by 3.5 percent in 15 years, he added.

Addressing the event, Deputy Chairman of the Board of the Central Bank of Azerbaijan Alim Guliyev also said that the international payment system MasterCard analyzed the problems in the field of digital payments in Azerbaijan and prepared proposals for improving the situation in this field.

These proposals have been discussed with banks, government agencies and other interested organizations and taken into account in the draft State program. In particular, the project envisages activities that will significantly increase the number of non-cash settlements, added Guliyev.

In general, the State Program identifies 18 priorities in four main areas.

As a result of discussions, it was decided to finalize the draft program taking into account a number of new proposals and recommendations.

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