15:03 - 6.05.2026

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May 6, Fineko/abc.az. The Central Bank of Azerbaijan plans to bureaucratize labor in the banking sector in the coming months.

ABC.AZ reports that CBA governor Taleh Kazimov stated this at a press conference.

"The costs of banks are growing. On the one hand, inflation has been high in recent years, and on the other, we have set additional requirements to ensure the sustainability of this sector. In particular, requirements that did not exist before were introduced for IT infrastructure, cybersecurity, and information security. In addition, the rise in government-regulated prices also affects the costs of banks. In addition, the competition is high, and this will also have an impact on interest rates.

Our main goal is to work with the Ministry of Labor and Social Protection of the Population to implement appropriate integrations so that employees in both the public and private sectors can receive salaries from any bank of their choice. In the next stage, this will also apply to pensioners, especially within the city of Baku and the Absheron region. In general, we want to simplify this process as much as possible for citizens. Therefore, it is necessary to carry out work both in terms of IT infrastructure and software. I think that within 3-4 months we will be able to achieve this," he said.