The Supervisory Board of JSC Turanbank at the special meeting on August 28 decided to increase the total capital to the level of new regulations of the Central Bank of Azerbaijan.
As reported in the bank, the bank's shareholders approved the plan of gradual increase in the total capital of the bank. Since the end of October this year, the bank's capital will be increased to AZN 30 million, by the end of March next year - up to AZN 40 million and finally to the end of 2013 the total capital is expected to reach 50 million manat. As of August 1, 2012 the total capital of the bank amounted to 27 million manat.
According to the decision of the Central Bank of Azerbaijan on July 25 this year, the minimum requirements for total capital of existing banks, and registered capital of newly established banks increased to 50 million manat. The new standards will be effective from January 1, 2014.
The minimum requirement for the size of the total capital of banks has been 10 million manat since July 2007.
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Economics
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President Ilham Aliyev signed a decree on 27 Desember to implement the law on the 2025 State Social Protection Fund budget, setting forth measures to ensure the effective execution of the fund’s financial framework.
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Azerbaijani President Ilham Aliyev has issued a decree to implement amendments to the country’s Tax Code, approved by Parliament on December 16, 2024, under law number 98-VIIQD. The decree, published on Friday, is aimed at optimizing tax administration and strengthening the legal framework outlined in the revised legislation.
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Azerbaijan’s parliament has approved a law establishing minimum living standards for 2025, with specific allocations for various demographic groups. The legislation, signed by President Ilham Aliyev on December 16, will come into force on January 1, 2025. The presidential decree was published on December 27.
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The President of Azerbaijan issued a decree on December 27, 2024, to implement the "2025 State Budget Law" aimed at streamlining the allocation and execution of government expenditures. The legislation, codified under law number 93-VIIQ, outlines detailed budget appropriations across various sectors, reflecting strategic priorities in defense, education, healthcare, and infrastructure.
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