Baku. Musa Ahmadov - APA-Economics. The draft law on “Amendments to the Law on Central Bank of Azerbaijan” has been adopted in the plenary meeting of the parliament.
According to the legal status of the Central Bank of Azerbaijan was changed from state body to a public legal entity.
One of the amendments is cancellation of the article #5.0.7 of the Law on Central Bank of Azerbaijan.
Moreover, the words “in monetary, foreign currency and banking areas” in the article #9.3 (.National Bank may participate in the capital and activity of international organizations for the purpose of cooperation in monetary, foreign currency and banking areas.) have been replaced with the words “in monetary and currency policy areas”.
At the same time, the articles #22.0.9-22.0.12 are withdrawn from the law.
The Central Bank will lose its powers of providing stable operation of banking system, licensing on banking activity in order to protect interests of creditors and depositors, regulation and control.
At the same time, the article #49 is offered to be edited. So, the Central Bank could give loans, including subordinated loans to banks in accordance with its conditions. After edition, in case of shortly breach of solvency and lack of liquidity, the Financial Market Control Chamber may appeal to the Central Bank for giving loans for not over 6 months. Within the two days after appeal, the Central Bank must pass a decision whether it gives a loan or not.
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