Baku, Azerbaijan, Nov.25
Azerbaijan's President Ilham Aliyev has signed a decree to approve the amendments to the law 'On the Central Bank of Azerbaijan' for increasing the bank's authorized capital to 500 million manats.
The official exchange rate on Nov.25 is 1.0509 AZN/USD.
Currently, the authorized capital of the Central Bank (CBA) is 10 million manats.
The bank's capital is formed by the authorized capital and capital reserves. The capital reserves shouldn't be less than the authorized capital of CBA and are formed by deductions from the profit of the fiscal year.
In accordance with the decree, the Cabinet of Ministers has been instructed to work out proposals within three days on bringing Azerbaijan's law, president's acts and the legal acts of the Cabinet of Ministers into line with the amendments to the law 'On the Central Bank of Azerbaijan'.
Moreover, the Cabinet of Ministers has been instructed to control the process of bringing the legal acts of the executive authorities into line with this law and to inform the president about the execution of this task within five months.