FIMSA to adopt new regulative rules for Azerbaijani banks (UPDATE)
Details added (first version posted on 13:33)
Baku, Azerbaijan, March 6
By Anvar Mammadov – Trend:
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) will adopt new regulatory rules for the country’s banks in the near future, FIMSA Executive Director Ibrahim Alishov told reporters March 6.
Alishov said the process of preparing and discussing changes in regulatory rules will be completed soon.
These are the new requirements for calculating the capital adequacy ratio of banks as well as for an open currency position, he said.
“We have already completed the preparation of amendments, and conducted public hearings jointly with the Azerbaijan Banks Association. I think the rules will enter into force in the near future,” the executive director added.
He said that these rules are very important for the sector.
Alishov noted that after the rules’ entry into force, banks will receive a certain period in order to bring their indicators in line with the rules.
“The application of the rules will begin six months after their adoption. This term is intended for banks to bring their indicators in line with the new rules,” he added.
Currently, FIMSA requirements on the capital adequacy ratio stand at three percent, and the limit of the open currency position is 10 percent.