CBA to Lend to Banks under New Rules
The rules of the Central Bank of Azerbaijan loans to banks came into force on May 19.
According to the order number 25/1 signed by the Chairman of CBA Elman Rustamov, one-time loans or in the form of credit lines are divided into 3 categories for the purpose of refinancing for the period from 30 days to 1 year or more, loans of last resort, and special credits.
Loans are granted through auctions - directly (without a fixed interest rate) or without declaring the amount of lending.
Refinancing can be secured either by stocks and bonds issued by banks or by foreign currency on their own accounts. Loans for a period more than a year are given by the decision of the Board of CBA.
The so-called loan of last resort shall be issued on the basis of request from FMCH for not more than six months, by the decision of the CBA Board for a maximum of 2 working days, and it must be provided, except shares and bonds, or foreign currency on the accounts of banks, by state guarantees , real estate and gold.
Guarantee in the form of state guarantees and state securities must be at least 100% of the principal amount of the loan and interest thereon.
Guarantee in the form of bills, gold and individual securities must be at least 110%, and in the form of real estate - 150%. --17D-
-
- Economics
- 20 May 2016 18:09
Economics
-
The State Oil Company of Azerbaijan (SOCAR) and Subsea7, a global leader in offshore engineering and construction, are exploring further collaboration on new projects in the Azerbaijani sector of the Caspian Sea. During a meeting between SOCAR President Rovshan Najaf and Subsea7 CEO John Evans, the two sides discussed the potential for Subsea7’s technological innovations to play a role in upcoming ventures. They also considered other areas of mutual interest for both companies.
-
According to the State Customs Committee and the State Statistics Committee, Azerbaijan saw a significant increase in meat imports during the first nine months of 2024, amid more modest growth in domestic production.
-
The event "Sustainable Transport of the Future" is being held in Baku on Wednesday, organized with the support of Azerbaijan Railways CJSC, aimed at promoting the concepts of sustainable transport that minimizes environmental impact. The event highlights environmentally friendly transportation options, such as walking, cycling, green public transport systems, and eco-friendly vehicles, all contributing to the reduction of greenhouse gas emissions.
-
On October 23, 2024, the 3rd Conference of Energy Ministers within the framework of the "One Belt, One Road" (OBOR) initiative opened in Qingdao, China. Energy ministers from around the world gathered to discuss critical issues related to global energy security, the transition to clean energy, and innovations in the sector.
Leave a review