16:50 - 6.07.2023
July 6, Fineko/abc.az. In order to ensure macroeconomic stability in the country, sustainability of financial markets, the Central Bank will have the right to pay interests to credit institutions on the mandatory reserves.
ABC.AZ reports that this was reflected in the proposed amendment to the Law on the Central Bank of Azerbaijan, submitted for discussion at the Milli Majlis meeting.
The decision on the payment of interests will be made by the CBA Board. Interests will be paid within the terms specified in the decision of the Board of Directors and will be applied to all credit institutions with mandatory reserves.
Currently, if mandatory reserves are not provided, the Central Bank applies administrative penalties stipulated by the Code of Administrative Offences against a credit institution that has not provided a reserve and its managers.
The bill was put to the vote and adopted in the 3rd reading.
