Azerbaijani parliament approves new mechanism for covering losses of Central Bank
The Central Bank of Azerbaijan (CBA) has solved the problem with the lack of equity.
The loss, which arose by the end of the year, resulting from the revaluation of assets and liabilities in foreign currency and gold on the balance of the Central Bank, will be covered by our own capital reserves, according to amendments to the law "On the Central Bank of Azerbaijan" adopted at a plenary session of the Milli Majlis.
In case of reducing assets below the amount of its liabilities, the resulting lack of capital will be repaid in one fiscal year at the expense of securities issued by the state, according to the changes.
After the formation of reserve capital and confirmation of the annual financial report by an audit resolution, the available remainder of realized profit of the Central Bank is transferred to the state budget.
The Central Bank capital consists of its share capital and capital reserves. The authorized capital of the Central Bank set at 50 billion manats, according to the law. Capital reserves should not be less than the authorized capital of the CBA in accordance with changes to the law, and are formed by contributions from the profits on the results of the fiscal year.
Until now, the minimum level of capital reserves was set at 15 percent of the national currency cash released into circulation.
Rules for activities of duty free stores changed in Azerbaijan
In Azerbaijan, the rules of creation and regulation of the duty-free stores can now only be changed with the consent of the head of state.
The decision was made by the Cabinet of Ministers of the country by amending the "Rules of creation and regulation of duty-free stores."
The changes came into force since May 1, 2015.
In Azerbaijan, the license for establishment of duty-free stores is issued by the State Customs Committee for a term of five years.
Azerbaijan strengthens control over customs sphere
Azerbaijan strengthens control over the activities of the customs sphere.
In this regard, the Cabinet of Ministers introduced changes in 24 regulatory legal acts regulating the activities of the customs sphere.
Thus, changes in the following terms, conditions and limitations can now be made only with the consent of the head of state:
"The conditions and limitations on the use of goods and vehicles with the incomplete customs clearance and their disposal," "The rules of the customs control," "Rules of the return of customs payments," "Rules of rejection of goods in favor of the state," "Regulations on issuance, temporary suspension and the abolition of the status of the authorized economic operator," "Rules of the customs examination," "Rules and cases of destruction of the goods submitted to the customs authorities," etc.
The changes came into force since May 1, 2015.