RESOLUTION OF THE CABINET OF MINISTERS OF THE AZERBAIJAN REPUBLIC

of July 18, 2011 No. 119

About modification in "The rule of transfer to management of remaining balance of means (free remaining balance) on the single treasurer account within fiscal year", approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of April 6, 2007 No. 62

According to the fourth paragraph 119 of article of the Constitution of the Azerbaijan Republic the Cabinet of Ministers of the Azerbaijan Republic decides:

1. Bring in "The rule of transfer to management of remaining balance of means (free remaining balance) on the single treasurer account within fiscal year", the following changes approved by the resolution of the Cabinet of Ministers of the Azerbaijan Republic of April 6, 2007 No. 62:

1.1. in Item 1.1. exclude the words "in foreign currency";

1.2. give Item 3.1 in the following edition: "Management of free balance or transfer to management and establishment of the directions of placement is performed by board of the Ministry of Finance of the Azerbaijan Republic. At the same time it is necessary to see the predicted amount of free balance (investment portfolio) which will be transferred to the control, requirements for liquidity and credit risks, and also degree of profitability of the predicted free balance.";

1.3. exclude Item 3.2;

1.4. add Item 3.3-1 of the following content: "3.3-1. Free balance is also placed on term deposits of five largest credit institutions which received the international credit rating on the level of capitalization and the size of the assets having the banking license in the Azerbaijan Republic, or the debt securities issued by these credit institutions.";

1.5. give the first offer of Item 3.4 in the following edition: "For the purpose of management of free balance to this area specialized local and foreign institutes (managers) are attracted.",

2. This resolution becomes effective from the date of its signing.

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