Azernews.Az

By Aynur Jafarova

The Azerbaijani Cabinet of Ministers should develop a Banking Code within six months, President Ilham Aliyev said in a decree on the fulfillment of the law on amendments to the law on entrepreneurship activity.

The Banking Code is of significant importance given special value of the entrepreneurship sphere in credit and banking relations.

The Cabinet of Ministers has been assigned to find effective methods for inspecting bodies under executive power controlling entrepreneurship within six months.

It is also tasked with bringing legal acts in compliance with this law within three months.

The draft of the Banking Code was offered in 2003 during the process of renovation of the law on banks, which came into force on April 1, 2004.

There are 44 banks in Azerbaijan: 43 commercial banks and one state-owned bank. There are 22 banks with foreign capital.

The share of foreign capital ranges from 50 to 100 percent in seven of them, while up to 50 percent in 13 banks.

There are also two local branches of foreign banks.