BAKU, Azerbaijan, August 20. The Board of Central Bank of Azerbaijan (CBA) approved amendments to the 'Rules for calculating the bank's capital and its adequacy' by Resolution No 32/1 this week, Trend reports.
These amendments which entered into force in August 16, 2022 envisage new requirements to further strengthen the financial stability of the banking sector as a whole, including ensuring more responsible and healthy lending, preventing the occurrence of excessive debt of the population, protecting borrowers from potential currency risk and stimulating the intrabank market.
The new changes will contribute to ensuring and strengthening the financial stability of the banking sector against the background of gradually increasing economic activity in the post-pandemic period, as well as preventing the occurrence of excessive debt of the population, protecting borrowers from currency risk and developing the interbank market.
Besides, this week, State Tax Service under the Azerbaijani Ministry of Economy has implemented structural changes. Expertise and Economic Sectors Analysis Section has been abolished. At the same time, the Project Management and the Information Security Departments have been created.
Meanwhile, Visa company said that it will continue to work on the introduction of contactless payments in public transport in Azerbaijan.