Azerbaijan approves new rules on representative offices of foreign banks

Baku. 8 February. REPORT.AZ/ Decree of the Central Bank of Azerbaijan Republic (CBAR) on the approval of "Rules of the form, content and manner of reporting by a local office of a foreign bank" has come into force.

Report informs, the decree annulled the decree of the Board of the Central Bank dated 28 June 2004 (Protocol No.11) on "Rules of the form, content and manner of reporting by a local office of a foreign bank" (License No.3064 dated July 17, 2004).

Representative office of a foreign bank shall submit an annual report on management and current activity of the local office no later than 1 June of the following year, after the reporting period.