On November 23–24, 2017, the Second Banking Forum titled “Adaptation of the Banking System to a New Stage of Development: Reforms, Results and Prospects” was held through the joint organization of the Financial Market Supervisory Authority of the Republic of Azerbaijan, the Center for Analysis of Economic Reforms and Communication (CAERC), and the Azerbaijan Banks Association (ABA).

The purpose of the Forum was to analyze the outcomes of the strategic economic reforms implemented in the country, discuss the adaptation of the financial and banking system to a new stage of development, strengthen financial stability, promote non-cash payments, enhance compliance in banks, and improve the legal framework governing the banking system. The Forum also aimed to explore best international practices, innovations, and new trends in the banking sector.

The event brought together heads of regulatory and supervisory authorities in the financial and economic sphere, senior management of commercial banks, leaders of business and public organizations, representatives of international financial institutions and foreign embassies in Azerbaijan, as well as invited guests from other countries.

The Forum was opened by Zakir Nuriyev, President of the Azerbaijan Banks Association. This was followed by speeches from Vusal Gasimli, Executive Director of CAERC; Huseyin Aydin, Chairman of the Board of the Banks Association of Turkey; Alim Guliyev, First Deputy Chairman of the Central Bank of the Republic of Azerbaijan; Ibrahim Alishov, Chief Executive Officer of the Financial Market Supervisory Authority of the Republic of Azerbaijan; Sevinc Hasanova, Deputy Minister of Economy of the Republic of Azerbaijan; and Vahid Ahmadov, Member of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

Following the opening remarks, the first panel session commenced on the topic “Measures Taken to Minimize the Impact of External Shocks and New Challenges.” Presentations were delivered on the following subjects: “Short- and Medium-Term Outcomes of Economic Reforms,” “Achievements in Strengthening the Banking Sector and Future Targets,” “Balancing Monetary Stimulus and Macroeconomic Stability,” “The Role of the State Oil Fund in Ensuring Macroeconomic Stability,” and “Human Resource Development in the Banking Sector in the New Era.” The topics were followed by extensive discussions.

The Forum continued with subsequent panel sessions dedicated to “Towards a Cashless Society: Latest Trends in the Payment Ecosystem, New Market Participants and Innovative Payment Solutions,” “Compliance in Modern Banking,” and “Improving the Legal Framework for the Development of the Banking System.”