In Azerbaijan, the law gives citizens the right to receive their salaries and pensions through the bank of their choice. However, in practice, this method is almost not implemented; the party paying the salaries and pensions also chooses the bank, and as a rule, they prefer large banks. This is precisely why salaries and pensions in the country are paid through large banks.
Ending this practice and transferring salaries and pensions to the bank chosen by the citizen, that is, giving citizens the opportunity to receive their salaries and pensions from the bank they want, was also raised during a meeting last spring between Taleh Kazimov, Chairman of the Central Bank, and economist experts. The experts left that meeting optimistic and declared that soon everyone would be able to receive their salary and pension from the bank of their choice.
Almost a year passes, but the issue has still not been resolved. What is the reason? What prevents the implementation of this rule? Is it worthwhile to expect such a mechanism to start operating in 2026 at all?
Regarding this issue, the Medianews.az website turned to Natiq Jafarli.
Natiq Jafarli is a member of the group of economist experts who met with the Chairman of the Central Bank and is one of the main specialists who raised the issue of implementing the practice of transferring salaries and pensions to banks chosen by citizens.
In his statement to Medianews.az on February 26, Natiq Jafarli said that the issue is on the agenda, and most likely, this mechanism will be launched near the end of the second quarter of the year: “According to the information provided to us, some technical problems remain. After those problems are resolved, they say the issue of citizens receiving their salaries and pensions from any bank will be resolved. Banks must also be ready for this. Because expanding citizens' choice will increase competition in the banking sector. Therefore, especially small and medium banks must prepare good offers to win customers so that citizens consider transferring their salaries and pensions to those banks. When this possibility arises and the process starts, citizens should not rush yet; they should wait for banks' offers in order to be able to sort through the options.”
Nailə Qasımova,
Medianews.az