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Concept of securities change in national and foreign currency in Azerbaijan

22 November 2022 14:18 (UTC +04:00)

The concept of securities is changing in national and foreign currency in Azerbaijan, APA reports.

It was reflected in the amendments proposed to the "Law on Currency regulation" which was put into the discussion at today's meeting of the Milli Majlis Committee for Economic Policy, Industry, and Entrepreneurship.

In accordance with the amendment, the concept of securities in national currency will be considered shares, bonds, promissory notes, and other securities whose nominal value is expressed in manat.

In accordance with the law, the concept of securities in the national currency covers payment documents (cheques, promissory notes, letters of credit, etc.), fund assets (stocks, bonds), and other debt obligations which were denominated in manat.

At the same time, according to the suggested amendment, the concept of securities in a foreign currency will cover assets, bonds, bills, and other securities expressed in foreign currency. In accordance with the law in force, securities in foreign currency cover payment documents (cheques, bonds, letters of credit, etc.), assets (stocks, bonds), and other debt obligations expressed in foreign currency.

According to the draft law, requirements of the law on securities in national and foreign currency will also cover cheques and other payment documents.