NEW LAW ON BANKS DRAFTED
The draft law “On Banks” has been worked out to adjust activity of Azerbaijan Banking System.
According to Ali Alirzayev, the Deputy Chairman of the Milli Majlis’s Permanent Commission for Economic Policy, the draft law envisages the rules of granting licenses for banking activity and opening affiliates by foreign banks, functions and duties of the National Bank and, especially, establishment of special funds and their control in order to provide the insurance of people’s savings.
Aside from that, the Commission also intends to present “On state budget for 2004”, “On Lottery”, and “On Insurance” drafts to the Parliament.
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