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