Azerbaijan’s central bank discusses cooperation with Swiss National Bank

Photo: Central Bank of Azerbaijan

BAKU, Azerbaijan, October 16. The Central Bank of Azerbaijan (CBA) and the Swiss National Bank held an exchange of views on opportunities for cooperation.

This was announced in a statement published by the CBA.

According to the statement, a delegation led by Central Bank Governor Taleh Kazimov met with Swiss National Bank Chairman Martin Schlegel on the sidelines of the annual meetings of the World Bank and the International Monetary Fund.

During the meeting, the parties discussed global challenges, recent trends in the financial sector, and initiatives aimed at ensuring macroeconomic and financial stability.

The sides expressed satisfaction with the current state of bilateral relations and exchanged views on the prospects for further cooperation.

The Swiss National Bank (SNB) is the country’s central bank and implements its monetary policy. Its primary objective is to ensure price stability while taking economic development into account.

The SNB operates under the Swiss Constitution and the National Bank Act and is independent in carrying out its mandate. The bank issues banknotes to meet the country’s demand for cash, manages the circulation of coins, and withdraws worn-out banknotes from circulation.

In addition, the bank helps maintain the stability of the financial system and participates in international monetary and credit cooperation.
The bank’s governing and executive body is the Board of Directors, which consists of three members. The Board is responsible for making key decisions regarding monetary policy, asset management strategy, and ensuring financial stability.