Azerbaijan will introduce Google Pay services

By Ayya Lmahamad

Google Pay services will be introduced in Azerbaijan in the near future, Central Bank (CBA) Executive Director Farid Osmanov told a press conference, Azernews reports.

“Apple Pay payment service has already been launched under the CBA projects, and Google Pay services will also be introduced in the near future,” he said.

He pointed out that the bank is constantly working to expand financial inclusion and increase the availability of financial services.

“The necessary measures are being taken to improve the services of the country’s financial institutions, as well as to create a competitive environment involving international organizations,” he said.

Revolut enters the Azerbaijani market

Osmanov mentioned that CBA was negotiating with UK-based fintech company Revolut, which plans to enter the Azerbaijani market.

He noted that the Central Bank and Revolut had discussed the company’s intention to provide money transfer services in Azerbaijan.

“In case final decisions are made, the Central Bank will provide further information,” he said.

Online securities market sales

Speaking at the conference, CBA Governor Taleh Kazimov said the bank was negotiating with several investment firms to arrange online sales in the securities market.

“The public will receive detailed information later. Neighboring countries are actively improving the international experience in this regard and would like to see digital stocks and bonds bought and sold on the securities market,” he said.

AZN to USD exchange rate

“No changes are expected in the exchange rate policy of the Azerbaijani manat against the US dollar until the end of 2022,” Kazimov said.

He noted that currently the bank does not expect to change the rate of the Azerbaijani manat by the end of the year, given the surplus in the balance of payments and a sharp drop in the demand at currency auctions.

Kazimov added that the volume of current purchases of foreign currency by banks from the population exceeds its sales.

“People sell more foreign currency than they buy. The growth of money transfers to Azerbaijan also has a positive impact on the situation,” he concluded.

Ayya ​​Lmahamad is the journalist of AzerNews, follow her on Twitter: @AyyaLmahamad

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