Azerbaijan, Baku, Oct.26/ Trend, N. Ismayilova /
The Azerbaijani Finance Ministry has issued promissory notes worth 255.5 million manat to support capital in the Central Bank of Azerbaijan (CBA over the next eight years, according to a draft state budget for 2012-15 submitted to the Azerbaijani parliament.
A capital shortage appeared as the result of measures taken by the Central Bank to maintain macroeconomic stability, as well as expenses for revaluation of foreign currency reserves due to their growth.
According to the rules 'On Central Bank', authorised capital of the CBA must be 10 million manat. The Finance Ministry issued debt instruments worth 255.5 million manat to eliminate the lack of capital.
These interest free promissory notes must be fully paid up no later than July 1, 2019 to the bill holder, the CBA.
The official exchange rate is 0.7869 manat to $1 as of Oct.26.