Azerbaijan, Baku, April 22 / Trend , I.Khalilova/
Azerbaijani President Ilham Aliyev approved a law to ratify the memorandum between the National Bank of Azerbaijan and US Agency for International Development (USAID). The memorandum envisages receiving technical aid to improve supervision system over the bank's reserves as part of the program to ensure stability of the finance sector.
The memorandum was signed on Nov. 25 in 2008.
The agreement envisages strengthening rules and instructions to supervise over banking reserves, increasing NBA's opportunities to research, forecast and shape macroeconomic policy and financial management, strengthening staff potential and information management system to improve opportunities of supervision over reserves and management system, strengthening IT-technology in banks, legal and technical supervision over policy and reforms to combat money laundry.
The United States will allocate $4 million and the NBA - $750,000 as part of the project which covers two years.
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