State pro­gram to help in­crease level of non-cash pay­ments

Azer News - - Business - By Sara Is­rafil­bay­ova

Im­ple­men­ta­tion of Azer­bai­jan’s state pro­gram to ex­pand dig­i­tal pay­ments for 2018-2020 will help in­crease the level of non­cash pay­ments to 34 per­cent.

This was stated by Head of the Cen­tral Bank of Azer­bai­jan (CBA) El­man Rus­ta­mov at a meet­ing or­ga­nized by the Amer­i­can Cham­ber of Com­merce in Azer­bai­jan (AmCham).

Dig­i­tal­iza­tion is an im­por­tant com­po­nent of the dy­nam­ics of the global econ­omy’s de­vel­op­ment, he said.

He noted that the state pro­gram ap­proved last month to ex­pand dig­i­tal pay­ments for 2018-2020 re­flects all the main com­po­nents of the de­vel­op­ment of a cash-free so­ci­ety.

“It’s no se­cret that we have been work­ing on this is­sue for a long time. How­ever, this time the ap­proach is more strate­gic and fun­da­men­tal. We also have other pri­or­ity projects, in­clud­ing in­stant pay­ments, a pi­lot blockchain. All of them, in gen­eral, pro­vide an in­te­grated ap­proach and will serve the de­vel­op­ment of this func­tion of the CBA, and their im­ple­men­ta­tion will give im­pe­tus to both the de­vel­op­ment of the bank­ing sec­tor and busi­ness,” Rus­ta­mov added.

The state pro­gram to ex­pand dig­i­tal pay­ments in 2018-2020 pro­vides that by 2021 the an­nual vol­ume of non-cash pay­ments in the coun­try will reach ap­prox­i­mately 17 bil­lion man­ats ($10 bil­lion).

Im­ple­men­ta­tion of the pro­gram will al­low to in­crease the share of non-cash pay­ments an­nu­ally by 7 per­cent. Ac­cord­ing to the pro­gram, the share of cash pay­ments in trans­ac­tions car­ried out in the coun­try’s econ­omy will fall from 74 per­cent to 40 per­cent.

To speed up the im­ple­men­ta­tion of the state pro­gram, three ba­sic con­di­tions and spe­cific goals for each of them were de­fined. Cre­at­ing a more sup­port­ive en­vi­ron­ment in­volves not only pro­hibit­ing reg­u­la­tions, but also the use of spe­cial in­cen­tive mech­a­nisms.

The law “On non-cash pay­ments” was adopted in or­der to strengthen ac­count­ing in the fi­nan­cial sys­tem, through the de­vel­op­ment of non-cash pay­ments.

The law en­vis­ages a limit for cash­ing op­er­a­tions. Banks and postal op­er­a­tors will charge a sim­pli­fied tax (1 per­cent of the sum) for cash­ing of means kept in bank ac­counts of le­gal en­ti­ties and pri­vate entrepreneurs.

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