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Azerbaijan may change procedure for revaluation of assets and liabilities in foreign currency and gold

Economy Materials 5 June 2023 13:46 (UTC +04:00)
Azerbaijan may change procedure for revaluation of assets and liabilities in foreign currency and gold
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, June 5. Azerbaijan may change the procedure for the revaluation of assets and liabilities in foreign currency and gold, Trend reports.

This is reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", submitted for discussion at today's meeting of the Committee of the Milli Majlis (Parliament) on economic policy, industry, and entrepreneurship.

According to the current law, the difference resulting from the revaluation of assets and liabilities in foreign currency and gold on the balance sheet of the Central Bank of Azerbaijan during the reporting year is reflected in the capital reserves of the Central Bank of Azerbaijan.

Compensation for losses incurred as a result of the revaluation of assets and liabilities in foreign currency and gold at the end of the year is provided at the expense of the capital reserves of the Central Bank of Azerbaijan.

According to the amendment, the income (unrealized income) resulting from the revaluation of assets and liabilities in foreign currency and gold on the balance sheet of the CBA during the reporting year will be attributed to revaluation reserves and will not be taken into account when calculating the free balance of capital reserves and profit of the Central Bank.

Losses incurred as a result of the revaluation of assets and liabilities in foreign currency and gold at the end of the year will be reimbursed at the expense of revaluation reserves in previous periods, and if these reserves are insufficient - at the expense of capital reserves of the Central Bank.

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