NBCOs to be able to issue credit cards

14:49 - 9.06.2023

June 9, Fineko/abc.az. In Azerbaijan, it is proposed to grant the right to issue credit cards to non-bank credit organizations (NBCOs).

ABC.AZ that Tair Mirkishili, the chairman of the Parliamentary Committee on Economic Policy, Industry & Entrepreneurship, stated this at today's Milli Majlis plenary session during the discussion of draft laws related to the financial sphere.

Mirkishili said that the draft laws have been prepared in accord with Presidential Decree from November 28, 2019 "On improving the management of the system of regulation & control in the financial services market".

"According to the documents, the powers of the financial market supervisory authority, including its obligations and rights in the field of licensing, regulation and control, protection of the rights of investors and consumers of financial services are assigned to the Central Bank of Azerbaijan. International experience, recommendations of the World Bank and the International Monetary Fund were used in the preparation of draft laws. One of the innovations for the NBCOs is the definition of prudential requirements to increase financial stability. So, the maximum amount of credit risk, the minimum amount of capital, the ratio of liabilities to capital, etc. will be determined," he said.