Nakhchivan Regional Bank Forum was held
On November 7, the Nakhchivan Regional Bank Forum dedicated to the "Year of the Constitution and Sovereignty" and the 5th anniversary of Victory was held in the Autonomous Republic of Nakhchivan under the joint organization of the authorized representation of the President of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan, the Azerbaijan Banks Association and the Nakhchivan State University.
Deputy authorized representative of the President of the Republic of Azerbaijan in the Nakhchivan Autonomous Republic Samir Seyidahmadli participated in the forum.
Forum participants first saw the art and creativity exhibition organized at Nakhchivan State University.
At the opening event of the forum, the memory of National Leader Heydar Aliyev and our martyrs was commemorated with a minute of silence, and the National Anthem of the Republic of Azerbaijan was played.
The choir of the university performed the song Zafar, and a video dedicated to the "Year of the Constitution and Sovereignty" and the 5th anniversary of Zafar was shown.
Samir Seyidahmadli, deputy authorized representative of the President of the Republic of Azerbaijan in the Nakhchivan Autonomous Republic welcoming the participants, he emphasized that the significant event is important both from the economic point of view and from the moral point of view. He said that as part of the general economic stability and development course, the Nakhchivan Autonomous Republic has been experiencing a period of great economic growth in recent years. The "State Program for the socio-economic development of the Nakhchivan Autonomous Republic for 2023-2027" adopted under the leadership of President Ilham Aliyev ensures the more efficient use of the economic potential of the region, the formation of new production areas and the investment environment.
Samir Seyidahmadli pointed out that in accordance with the development course, the authorized representation of the President of the Republic of Azerbaijan in Nakhchivan Autonomous Republic applies modern technological approaches in state administration. Thus, the "smartnet.az" portal, which connects more than 80 state institutions, was created in order to increase efficiency in data collection, analysis and decision-making processes.
The deputy authorized representative talked about a number of important steps taken in the financial sector with the participation of the Central Bank and other institutions within the framework of the "State Program for the Socio-Economic Development of Nakhchivan Autonomous Republic for 2023-2027" and noted that the real results of the work done are manifested in all areas. He said that during January-September of the current year, 389 million 47 thousand manats of loans were granted by bank branches operating in the autonomous republic. This is 32.2 percent more than the corresponding period of 2023. This is not only a statistical indicator, but a concrete result of a purposeful state policy aimed at increasing confidence in the regional economy, entrepreneurship development and investment activity. 133 million 387 thousand manats of loans granted in the current year were directed to the development of the real sector, which means an increase of 18.7 percent compared to the corresponding period of last year. This growth has a direct impact on the expansion of production areas, the opening of new jobs and the strengthening of local production.
Samir Seyidahmedli emphasized that serious growth was observed in the areas considered the basis of the economy of the autonomous republic, and noted that a 49.8 percent increase was observed in the industrial field, 3.8 times in the transport and communication field, and 1.8 percent in agriculture. In January-September 2025, the volume of non-cash transactions made through payment instruments belonging to banks operating in the autonomous republic amounted to 908 million manats. This indicator is 2.2 times more than the corresponding period of 2023. At the same time, the number of POS-terminals increased by 72 percent, and the number of payment terminals by 40.3 percent. received
Talking about issues that require additional attention in some directions, the deputy authorized representative emphasized that Nakhchivan was declared a free economic zone by the head of the country. This means that residents of the autonomous republic will benefit from economic benefits, mainly tax and social insurance benefits, for 10 years. This will further increase economic activity. The banking sector should also contribute to these reforms and ensure the availability of financial instruments.
Deputy Chairman of the Central Bank of the Republic of Azerbaijan Togrul Aliyev, referring to the special importance of the "State Program for the socio-economic development of the Nakhchivan Autonomous Republic for 2023-2027", said that within the framework of the implementation of the program, the expansion of the infrastructure of the banking sector in Nakhchivan continued. This confirms that the financial infrastructure in Nakhchivan has strengthened and the financial stability of entrepreneurship has increased. Expanding access to financial services, providing concessional loans, implementing innovative technologies, and expanding the service networks of financial institutions make access to financial services even easier for the population and entrepreneurs. Against the background of these reforms, stability and innovation, fairness and competition, and successful economic freedom are ensured.
President of Azerbaijan Banks Association Zakir Nuriyev Speaking at the forum, he said that the increase in the economic power of our country in recent years opens up new opportunities for the realization of the activities of banks aimed at financing entrepreneurship in the regions, especially in the territory of Nakhchivan. Tax reforms, strengthening of sovereignty and development of the banking sector increase the economic prospects of Nakhchivan. At present, 14 branches of 7 banks, 5 BOKT and 1 Credit Union operate in Nakhchivan. The opening of transport corridors opens new economic prospects for Nakhchivan. The autonomous republic is entering a new stage in the fields of logistics, trade, agriculture, processing, tourism and renewable energy. The banking sector, based on new requirements, comes up with the expansion of financial services of Nakhchivan, the financing of entrepreneurship, the increase of economic activity, as well as proposals and initiatives. In the 2026 budget forecasts, the increase in revenues and the decrease in the deficit of the Nakhchivan Autonomous Republic show that the steps taken in this direction have already yielded positive results.
Rector of Nakhchivan State University Elbrus Isayev pointed out that there is effective cooperation between banks and higher education institutions and proposed to open a bank simulation center based on artificial intelligence in the university for the purpose of personnel training and expansion of cooperation, and to consider holding modular classes for relevant specialties. Also, taking into account that 2,000 foreign students from about 35 countries study at the higher education institution, the establishment of a currency exchange point on the campus, simplification and acceleration of the process of issuing appropriate cards to foreign students, as well as a joint partnership with banks drew attention to the necessity of preparing publications.
Elchin Aliyev, director of the Nakhchivan Autonomous Republic Office of the Central Bank, evaluated the forum as an important dialogue platform in terms of the role of the banking sector in the region, future directions of development and deepening of financial education, and pointed out that banks operating in Nakhchivan today are doing important work in the fields of supporting entrepreneurship, expanding digital banking services and increasing staff capacity, and implementing social projects. Over the past 4 years, the opening of 4 banks' Nakhchivan branches, 6 bank branches, 7 insurance companies' Nakhchivan branches and regional offices, and over the past 1 year 1 non-bank credit organization's 3 branches in Nakhchivan city and districts are a clear example of the successful implementation of the tasks set before the Central Bank in the State Program.
At the end of the official part, a commemorative photo was taken.
Within the framework of the forum, a round table dedicated to the discussion of the implementation of the tasks set in the "State Program for the socio-economic development of the Nakhchivan Autonomous Republic for 2023-2027" was held, the current economic realities in the autonomous republic, future expectations, the role of banks in promoting economic revival in the region, as well as infographics on the banking sector were presented.
Also for students and teachers of the university the topics of digital banking, modern banking services and career prospects in the banking sector were discussed in the discussions.
