12:48 - 24.09.2024

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September 24, Fineko/abc.az. The primary monitoring of climate risks has been carried out in the banking sector of Azerbaijan, ABC.AZ reports, quoting CBA general director Shahin Mahmudzadeh.

"In this regard, the CBA has launched individual projects. Of the two projects implemented jointly with the International Monetary Fund, one related to data, and the other to stress testing. Because, first of all, data is needed to conduct a stress test. Currently, in developing countries such as Azerbaijan, there are problems in data issues and they are being solved. This is a new area, so our banks are currently in the process of increasing capacity. This is one of the priorities for us. At that, banks need time to develop both their internal systems and to develop their own teams," Mahmudzadeh said.