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Amendments made to rules on capital reserves of the Central Bank of Azerbaijan

Parliament approved the additions and amendments to the Law On the Central Bank of Azerbaijan Republic

Baku. 15 May. REPORT.AZ/ Amendments made to rules on the capital reserves of the Central Bank of Azerbaijan, as well defined new commitments. Therefore, in today's plenary session of Milli Majlis introduced a draft on amendments and additions to the law "On the Central Bank of Azerbaijan Republic (CBAR)".

Report informs, under the proposed amendment to Article 10.3 of the Law, capital reserves will no longer be determined in the amount of 15 percent of the cash released into circulation the national currency. Instead, they will be formed at the expense of deductions from the profit of the reporting year with the condition of not less than the share capital.

In addition, the law will be added to Article 13.2: "The losses generated by the end of the year from the revaluation of assets and liabilities in foreign currency and gold, will be covered by capital reserves of the Central Bank."

At the same time, according to the amendment to article 14.2, arising from the activities of the Central Bank of the lack of capital will be reimbursed with a delay of one year by the state issued securities.

In conclusion, the bill was adopted unanimously.

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