Central Bank of Azerbaijan approves new law for banks
The Board of the Central Bank of Azerbaijan (CBA) in accordance with the Article 34.2.12 of the Law "On Banks" and Article 22.0.17 of the Law "On the Central Bank" approved the "Procedure on classification of loans and receivables and creation of possible loss reserves for possible assets losses", News.Az reports.
Chairman of the CBA Board Taleh Kazimov signed the corresponding document.
According to the decision, the resolution of the abolished Financial Markets Supervision Chamber of November 16, 2018 on the approval of the "Rules for the classification of assets and the creation of special reserves to cover possible losses" was canceled.
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