BAKU, Azerbaijan, December 25. The Board of the
Central Financial institution of Azerbaijan (CBA) has authorised the “Type of
software for acquiring a license (addendum to the license) for
forex change exercise” and “Necessities for the minimal measurement
of the approved (share) capital for forex change exercise,
the scale of collateral funds and the type of return opinion”,
Development reviews.
CBA Chairman Taleh Kazimov signed a brand new resolution on this
regard.
In line with the brand new resolution, the minimal restrict of approved
capital for every facility for many who want to get hold of a license
for forex change actions has been decided. Thus, the
capital requirement for forex change exercise is 600,000 manat
($352,941) in Area I (Baku), 300,000 manat ($176,470) for every
extra facility, in Area II (Absheron district, Sumgayit and
Ganja) 450,000 manat ($264,705), 150,000 manat ($88,235) for every
extra facility, in Area III (apart from I, II and IV
areas, in addition to Nakhchivan Autonomous Republic) 375,000 manat
($220,588), 75,000 manat ($44,117) for every extra facility, in
Area IV (liberated territories of East-Zangezur and Karabakh
financial areas) 300,000 manat ($176,470), 0 manat for every
extra facility.
The necessities to the approved (share) capital stipulated by
these necessities will even apply to the funds of the department of a
non-resident authorized entity, equal to its approved capital.
Moreover, the entity keen to acquire the license for forex
change exercise or its complement shall place with the approved
financial institution the collateral funds within the quantity of 10 p.c of the
minimal approved (share) capital.
The entities that obtained the license for forex change
exercise shall, inside six months from the date of entry into pressure
of the talked about necessities, take acceptable measures to kind
the minimal approved capital, in addition to to put the quantity of
collateral funds and submit the related paperwork to the CBA
throughout the specified time period.
