One of the issues discussed at today's meeting of the spring session of the Milli Majlis, was the law "On the Central Bank of Azerbaijan", which amended. Changes touched also the problems with the lack of equity of the capital of the CBA. Now the loss by the end of the year due to the revaluation of assets and liabilities in foreign currency and gold on the balance of the main financial regulator of the country will be covered by its own capital reserves. That is, if the assets are lower than the sum of its liabilities, the resulting lack of capital will be repaid after one year due to the financial state of the securities issued.
Under the new rules, after the formation of reserve capital and confirmation of the annual financial statement audit the balance of realized gains and the Central Bank will be transferred to the state budget.
Capital of the CBA consists of its share capital (50 billion manat) and capital reserves (not smaller volume.) Reserves are formed by contributions from the profits for the fiscal year. The minimum level of capital reserves is 15% of the national currency in circulation. --17D-
Economics
-
In November, the State Tax Service fined 608 entrepreneurs who received payments for goods and services from clients' bank cards directly to their personal bank cards. Similar reports of fines for card-to-card transactions were issued by the Tax Service in October. The agency clarified that these violations were identified during monitoring activities at retail and catering establishments in Baku.
-
Azerbaijan has undertaken significant regulatory reforms to advance its digital and transport sectors, President Ilham Aliyev announced on Thursday, signing a decree amending the regulations governing the activities of the Ministry of Digital Development and Transport.
-
The Ministry of Agriculture of Azerbaijan has announced the return of its renowned fair, "From Village to City," which will take place from December 21 to 30 in Baku. The event, held in the Narimanov district near the "Ganjlik" metro station, will provide farmers with a platform to sell their products directly to consumers, bypassing intermediaries.
-
From December 1, 2024, the State Oil Company of the Azerbaijan Republic (SOCAR) has commenced gas deliveries to Slovakia under an agreement reached in November with SPP, Slovakia's state-owned energy firm, SOCAR announced in a press release.
Leave a review