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Banking In Azerbaijan
Banking in Azerbaijan in its present form dates back to 1992, but it originated in the second half of the 19th century and continued through the Soviet period. It consists of the country's central bank, the Central Bank of Azerbaijan, founded on 11 February 1992, and other commercial banks. The commercial banks in the country are joint–stock companies. The only valid currency in Azerbaijan is the Azerbaijani manat. Only the Central Bank can issue manats. During the transition to a market economy in the 1990s, the banking system was not meeting the needs of socioeconomic development as expected, and followed old, Soviet laws. Banks in Azerbaijan have mandatory reserves, determination of norms, regulations of liabilities between creditors and depositors, and deposit insurance Deposit insurance, deposit protection or deposit guarantee is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Azerbaijan Soviet Socialist Republic
The Azerbaijan Soviet Socialist Republic, also referred to as the Azerbaijani Soviet Socialist Republic, Azerbaijan SSR, Azerbaijani SSR, AzSSR, Soviet Azerbaijan or simply Azerbaijan, was one of the Republics of the Soviet Union, constituent republics of the Soviet Union between 1922 and 1991. Created on 28 April 1920 when the Russian Soviet Federative Socialist Republic brought pro-Soviet figures to power in the region, the first two years of the Azerbaijani SSR were as an independent country until incorporation into the Transcaucasian Socialist Federative Soviet Republic, Transcaucasian SFSR, along with the Armenian SSR and the Georgian SSR. In December 1922, the Transcaucasian SFSR became part of the newly established Soviet Union. The Constitution of Azerbaijan SSR was approved by the 9th Extraordinary All-Azerbaijani Congress of Soviets on 14 March 1937. On 5 February 1991, Azerbaijan SSR was renamed the Republic of Azerbaijan according to the Decision No.16-XII of Supreme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and, in some cases, to enforce policies on financial consumer protection, and against bank fraud, money laundering, or terrorism financing. Central banks play a crucial role in macroeconomic forecasting, which is essential for guiding monetary policy decisions, especially during times of economic turbulence. Central banks in most developed nations are usually set up to be institutionally independent from political interference, even though governments typically have governance rights over them, legislative bodies exercise scrutiny, and central banks frequently do show resp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Azerbaijan
The Central Bank of Azerbaijan (CBA, ) is the central bank of Azerbaijan, with its headquarters in the capital city Baku. The National Bank of the Republic of Azerbaijan was established by the Decree of the President of the Republic of Azerbaijan on Establishment of the National Bank of the Republic of Azerbaijan dated 11 February 1992. The National Bank of the Republic of Azerbaijan was renamed the “Central Bank of the Republic of Azerbaijan” upon enactment of the Referendum Act of the Republic of Azerbaijan on “Making additions and amendments to the Constitution of the Republic of Azerbaijan” dated 18 March 2009. The status, goals, functions and authorities, as well as the management and organizational structure of the Central Bank of the Republic of Azerbaijan, relations with public authorities and other persons as the central bank of the state, are determined by the Law of the Republic of Azerbaijan “On the Central Bank of the Republic of Azerbaijan” dated 10 De ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commercial Bank
A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with wholesale banking to corporations or large or middle-sized businesses, to differentiate from retail banks and investment banks. Commercial banks include private sector banks and public sector banks. However, central banks function differently from commercial banks, despite a common misconception known as the "bank analogy". Unlike commercial banks, central banks are not primarily focused on generating profits and cannot become insolvent in the same way as commercial banks in a fiat currency system. History The name ''bank'' derives from the Italian word ''banco'' 'desk/bench', used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint-stock Company
A joint-stock company (JSC) is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company. In modern-day corporate law, the existence of a joint-stock company is often synonymous with incorporation (possession of legal personality separate from shareholders) and limited liability (shareholders are liable for the company's debts only to the value of the money they have invested in the company). Therefore, joint-stock companies are commonly known as corporations or limited companies. Some jurisdictions still provide the possibility of registering joint-stock companies without limited liability. In the United Kingdom and in other countries that have adopted its model of company law, they are known as unlimited ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency
A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a ''system of money'' in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies. Other definitions of the term ''currency'' appear in the respective synonymous articles: banknote, coin, and money. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Azerbaijani Manat
The manat (ISO 4217, ISO code: AZN; Currency symbol, sign: ₼; abbreviation: m) is the currency of Azerbaijan. It is subdivided into 100 ''gapiks''. The first iteration of the currency emerged in the Azerbaijan Democratic Republic and its successor, the Azerbaijan Soviet Socialist Republic, with the issues happening in 1919–1923. The currency underwent hyperinflation, and was eventually substituted by the Transcaucasian ruble, which, in its turn, was converted to the Soviet ruble. When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet ruble with the manat, which also went through a period of high inflation in the first years, rendering the coinage obsolete. The current manat in circulation has existed since the Redenomination of the Azerbaijani manat, redenomination in 2006, when old manats (AZM) were substituted with lower face values and new design. The currency has mostly been pegged to the United States dollar, US dollar, at what is now the r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transition Economy
A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this, trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects. The transition process is usually characterized by the changing and creating of institutions, particularly private ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Economy
A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production. Market economies range from minimally regulated free market and '' laissez-faire'' systems where state activity is restricted to providing public goods and services and safeguarding private ownership, to interventionist forms where the government plays an active role in correcting market failures and promoting social welfare. State-directed or dirigist economies are those where the state plays a directive role in guiding the overall development of the market through industrial policies or indicative planning—which guides yet does not substitute the market for economic planning—a form sometimes r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Development
In economics, economic development (or economic and social development) is the process by which the economic well-being and quality of life of a nation, region, local community, or an individual are improved according to targeted goals and objectives. The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the West for far longer. "Modernization", "Westernization", and especially "industrialization" are other terms often used while discussing economic development. Historically, economic development policies focused on industrialization and infrastructure; since the 1960s, it has increasingly focused on poverty reduction. Whereas economic development is a Public policy, policy intervention aiming to improve the well-being of people, economic growth is a phenomenon of market productivity and increases in GDP; economist Amartya Sen describes economic growth as but "one aspect of the process of economic development". Definition and terminolo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of The Soviet Union
The Law of the Soviet Union was the law as it developed in the Soviet Union (USSR) following the October Revolution of 1917. Modified versions of the Soviet legal system operated in many Communist states following the Second World War—including Mongolia, the People's Republic of China, the Warsaw Pact countries of eastern Europe, Cuba and Vietnam. Soviet concept of law Soviet law was rooted in pre-revolutionary Russian law and Marxism-Leninism. Pre-revolutionary influences included Byzantine law, Mongol law, Russian Orthodox Canon law, and Western law. Western law was mostly absent until the judicial reform of Alexander II in 1864, five decades before the revolution. Despite this, the supremacy of law and equality before the law were not well-known concepts, the tsar was still not bound by the law, and the "police had unlimited authority." Marxism-Leninism views law as a superstructure in the base and superstructure model of society. "Capitalist" law was a tool of "bourge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Reserves
Bank reserves are a commercial bank's cash holdings physically held by the bank, and deposits held in the bank's account with the central bank. In most countries, the Central bank may set minimum reserve requirements that mandate commercial banks under their purview to hold cash or deposits at the central bank equivalent to at least a prescribed percentage of their liabilities, such as customer deposits. Such sums are usually termed required reserves, and any funds above the required amount are called excess reserves. These reserves are prescribed to ensure that, in the normal events, there is sufficient liquidity in the banking system to provide funds to bank customers wishing to withdraw cash. Even when there are no reserve requirements, banks often as a matter of prudent management hold reserves in case of unexpected events, such as unusually large net withdrawals by customers (such as before Christmas) or bank runs. Traditionally, central banks do not pay interest on reserve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
