Important decision made in Azerbaijan regarding pensions and salaries

In Azerbaijan, it will be possible to transfer salaries and pensions to other banks.

As reported by the Azerbaijan Press Agency, this issue was discussed during a meeting between economic experts and the Chairman of the Central Bank of the Republic of Azerbaijan, Taleh Kazimov.

In this regard, the Central Bank of the Republic of Azerbaijan will give permission to other banks to create an ecosystem. Currently, work continues on creating a mechanism for account transfers and resolving other technical issues. The innovation is expected to be implemented starting from the second half of 2025.

Note that currently in Azerbaijan, the payment of pensions and other social benefits is carried out through several major banks.