Baku, Fineko/abc.az. The Central Bank of Azerbaijan is planning to use for its interests the Bill on Non-Bank Credit Institutions adopted yesterday by Milli Majlis (Azerbaijani parliament).
Alim Guliyev, CBA first deputy chairman of board, claimed that the Bill will be of effect already in 2010.
“It will play its role both for development of this segment of the market of financial services and for banking sector. In 2010 normative requirements for charter capital of banks is expected to toughen and the banks to fail to raise finances for their recapitalization will get a new (besides merger and buyout) opportunity for further activity – transfer into a NBCI,” Guliyev said.
Current minimum charter capital requirement is 10 million manats and five out of 46 available banks of Azerbaijan fail to conform it. Currently the CBA does not disclose a new level of charter capital requirement, but the domestic market expects that this demand will range 20 million up to 50 million manats.
26.12.2009 10:33
- Azerbaijan’s central bank ends developing mechanism of bank’s transfer into a non-bank credit institution
- Non-bank credit organizations excluded from state leasing program
- Azerbaijan Central Bank’s minimum requirement for equity capital of non-bank credit institution is at least AZN 300,000
- Law on Non-Bank Credit Organizations has taken effect
- Milli Majlis passes bill on non-bank credit organizations
- In 2010 non-bank credit organizations to connect credit register of Azerbaijan
- Azerbaijan Cabinet Ministers discusses issue of dedicated agricultural bank
- Azerbaijan introduces state regulation of interest rates on non-bank credit organizations’ loans
- Azerbaijani non-bank credit organizations to get right to draw security deposits
- Overall assets of Azerbaijan’s non-bank credit organizations rose by 30.9% this year
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