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Central Bank of Azerbaijan

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The Central Bank of Azerbaijan is the central bank of Azerbaijan, emitting Azerbaijani manat. In early 1992, former Soviet banks were incorporated into the National Bank of Azerbaijan; The 1992 Law on Banks and Banking Activity and the Law on the National Bank established the NBA as the top level of the new system and commercial banks (state and private) on the second level. However, in 1993 the system was undermined by poor technology, large unresolved debts among state- enterprises, irregular participation by enterprises, and bank delays in transferring funds. In June 2002, the NBA liberalized some overseas transfer provisions for Azerbaijani legal residents, including an increase of advance payments for import transactions from $10,000 to $25,000 and waiver of all restrictions for withdrawing foreign currency in cash.

Chairman: Dr.Elman Siraj oglu RUSTAMOV

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