Azerbaijani Central Bank sees fifty-fold increase in authorized capital
Baku, Azerbaijan March 2
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan (CBA) has increased the volume of its capital from 10 to 500 million Azerbaijani manats, the bank's head Elman Rustamov told reporters March 2.
The official exchange rate on March 2 is 1.5764 AZN/USD.
The corresponding amendments to the law 'On the Central Bank of Azerbaijan' were made in 2015.
The capital of the Central Bank is comprised of the authorized capital and capital reserves.
The capital reserves shouldn't be less than the bank's authorized capital and are formed with the deductions from the profit of the fiscal year.
Edited by SI