Bloomberg News

Azerbaijan Raises Minimum Capital Requirement for Banks Fivefold

August 03, 2012

Azerbaijan’s central bank raised the minimum consolidated capital required for banks to operate in the Caspian Sea nation fivefold to 50 million manat ($64 million).

The minimum statutory capital for opening banks was also increased five times to the same amount, the central bank said in an e-mailed statement today.

The decision, taken during a July 25 meeting of the central bank’s board, takes effect Jan. 1, 2014, the bank said.

Azerbaijan is the third-largest oil producer in the former Soviet Union after Russia and Kazakhstan.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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