By the mid-October, Azerbaijan National Bank (ANB) will develop the Bill On micro-finance organizations. The Director General of ANB, Rufat Aslanli briefed journalists that the Working Group has already completed discussions regarding the Bill and presently a draft is being prepared, Trend reports.
Aslanli considers that, because a single legislative base is created, the document will allow the micro-finance organization to expand in Azerbaijan. At present, activities of micro-
finance organizations have been regulated through the rules and guidelines of ABN. Assistance in creating the document was provided by Asian Development Bank (ADB).
Aslanli feels that the privileges and other types of support provided by the State will stimulate their activities in the future.
After adopting the Bill, normative acts will be developed, in which the new normative requirements for the authorized capital of the micro-finance organization will be specified. At present, their authorized capital is created in 20,000,000 Old Azeri Manats which does not correspond with present rates. Despite the recommendations of the international organizations, their activities will be limited and they will not have the right to draw from the deposits of individual customers.