It is noted that movable property that will be used as collateral should be recorded in the official registry. This applies to loans issued for up to 360 days.
At the same time, according to other amendments, if the loan amount exceeds 20 million manats, the decision on its issuance is taken by the CBA board.
Also, the value of movable property used as collateral should be at least 150 percent of the value of the loan.
Presently, banks can receive refinancing loans from the CBA for up to 360 days using the state guarantee, CBA-approved securities, funds from correspondent accounts in the CBA (in US dollars, euros and pounds), real estate and gold bars as collateral.
When issuing refinancing loans, the CBA proceeds from its monetary policy. Such a loan is issued if banks exhausted their resources or are unable to replenish them from other sources.
The CBA issues refinancing loans for a period of up to 30 days, up to 360 days or over 360 days. The interest rate on loans up to 30 days varies between the CBA discount rate (9.75 percent) and the upper limit of the interest rate corridor (11.75 percent), the interest rate on loans up to 360 days is equal to the CBA discount rate, while interest rates on loans for a period of over 360 days are determined by the decision of the CBA Board.
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