Azerbaijan to adopt banking code
Baku, Azerbaijan, Nov. 5
By Azad Hasanli - Trend:
The Cabinet of Ministers of Azerbaijan should develop a banking code in 6 months, according to the instruction given in the country President Ilham Aliyev's decree on implementing the law "On Amendments to the Law on Entrepreneurial Activity".
"To prepare a draft banking code and submit it to the president of Azerbaijan in 6 months, taking into account that the credit and banking relations, regulated by a number of laws, are especially important for the entrepreneurial sphere," the decree said.
During 6 months, it is also needed to prepare proposals for an effective amount of inspections and the executive power authorities conducting inspections in entrepreneurship.
In 3 months, the legal acts of the Cabinet of Ministers should be brought into conformity with this law.
The draft code was first proposed in 2003 in the process of renovation of the law on banks, which came into force on April 1, 2004.
Edited by SI