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 firstname.lastname@example.org
To contact the editor responsible for this story: Hellmuth Tromm at email@example.com