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Finance Ministry supports liberalization of capital outflow from Azerbaijan

Business Materials 27 February 2006 16:58 (UTC +04:00)

The Azerbaijani Finance Ministry supports the proposal by the National Bank of Azerbaijan (NBA) on liberalization of capital export in regard to expecting currency inflow to the country in 2006. Around $1.2bn or $1.3bn is expected to be out-flown from the country in 2006, the Ministry told Trend. The same time it did not exclude possibility of currency outflow as equipment and services to Georgia (Borchaly, where Azerbaijanis densely live), Russia, Moldova, as well as the countries, where Azerbaijani projects are being implemented.

Azerbaijan has approximately $2.4bn as reserves and margins.

NBA first proposes to issue a license to physical entities to export capital for purchase of securities.

The same time the bank can allocate money only for acquisition of securities of high-rating companies and banks. The rating must not be less than AA.

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