Azerbaijani parliament approves central bank

  21 October 2015    Read: 1213
Azerbaijani parliament approves central bank
The Azerbaijani parliament approved an increase in the authorized capital of the Central Bank of Azerbaijan (CBA) up to 500 million manat at a plenary session Oct. 20.
The appropriate changes were made to the law "On the Central Bank of Azerbaijan".

Currently, the authorized capital of the Central Bank is 10 million manat.

The capital of the Central Bank is formed by share capital and capital reserves.

The capital reserves must not be less than the CBA authorized capital. They are formed through the deductions of earnings as a result of the fiscal year.

The official exchange rate is 1.0476 AZN/USD Oct. 20.

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