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The article shows the stages of the formation of the country's banking sector, and also studies new trends in the development of the banking sector over the past decade. The article reflects in a number of provisions the scientific works of foreign and Azerbaijani economists dedicated to the problems of institutional development of the banking system of Azerbaijan. The emergence of new factors, the rapid change in the internal and external macroeconomic environment create prerequisites for further study of the problem of development and increasing the stability of the banking sector in Azerbaijan in the face of new challenges. This necessitates research and identification of the main problems that hinder the achievement of a high level of efficiency in the activities of Azerbaijani banks. The results of the study make it possible to reveal the patterns and current trends in the development of the banking sector in Azerbaijan in the face of new challenges. The article analyzes the characteristics of the stages of development of the banking sector in Azerbaijan, assesses the current state of the banking sector, defines the legal status of the Central Bank of Azerbaijan (CBA), reveals the reasons for the transition to a floating rate of the manat. In addition, the analysis of the Azerbaijani market of money transfers and the development of non-cash payments was carried out, the prospects for the introduction of financial technologies, including the functioning of the institution of Islamic banking in Azerbaijan, were determined. Analysis of the banking sector in Azerbaijan shows that the main reason for the financial problems of many banks in the country was the fall …