BAKU, Azerbaijan, August 14. Below is a summary of important events of Azerbaijan's financial sector for the past week, Trend reports.
New conditions for money transfers
Azerbaijan abolished daily limits on amounts transferred abroad by individuals (previously the daily limit was $1,000).
In addition, a monthly limit of up to $20,000 equivalent was established for transfers (regardless of form) from an account or without opening an account, and the possibility for individuals to pay for transportation and hotel expenses related to the travel abroad of other individuals was also established.
According to another decree, through payment cards issued in Azerbaijan, the residents outside the country are able to withdraw of up to $10,000 during a calendar month.
Azerbaijan has simplified the process of paperwork for transfers on imported goods, and in case of trade mediation the possibility for the middleman to make an advance payment up to 180 days to the seller in the order of preliminary transfer has been established.
Moody updates ratings of Azerbaijani banks
Moody's international rating agency confirmed its B2 Baseline Credit Assessment (BCA) and Adjusted BCA, short-term local and foreign currency bank deposit ratings at the NP level, long-term and short-term local and foreign currency counterparty risk ratings (CRRs) at the B1/NP level, and long-term and short-term CR Assessments at the B1(cr)/NP(cr) level.
The Moody's international rating agency has reviewed the ratings of the Bank Respublika, particularly, it was announced that the long-term ratings of bank deposits in local and foreign currency were upgraded from B3 level to B2 level with a stable outlook.
The upgrade of the bank's Baseline Credit Assessment (BCA) from B3 level to B2 reflects Bank Respublika's successful efforts in improving its asset quality and profitability over the reviewed period, Moody's analysts noted.
Moody's affirmed Bank of Baku's long-term local and foreign currency deposit ratings at B2 level and changed the outlook on these ratings from "stable" to "positive".
Furthermore, it was reported that Bank of Baku will repay the long-term loan to the Central Bank of Azerbaijan next year.
