Azerbaijan, Baku / Trend corr I. Khalilova / National Bank of Azerbaijan (NBA) proposes stage-by-stage liberalization of capital flow from the country. The president of the NBA, Elman Rustamov , has reported that the first stage will cover the member countries of several economic co-operation organizations and the countries that are sides to the agreements with Azerbaijan on mutual investment protection.
The major directions of liberalization are portfolio investments, direct investments, opening of accounts and placing of deposits in foreign banks, and other operations. "I believe the licensing system for implementation of such operations via banks will be eliminated and informing of statistics on payment balances will be introduced instead," Rustamov said.
According to Rustamov , any Azerbaijani citizen will be permitted to invest own funds in a number of countries.
Regarding the results of the first stage capital flow from Azerbaijan will be completely liberalized at the second stage, the president of NBA noted.
Co-ordination with the Justice Ministry is in progress and the regulations will come into effect in the near future. "The Azerbaijani President has principally agreed on the liberalization arrangements," Rustamov added.