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The National Bank in
Baku.
The National Bank of Azerbaijan (NBA, Azerbaijani: Azərbaycan Milli Bankı) is the central bank of Azerbaijan, emitting Azerbaijani manat. The bank is located at 32 Rashid Behbudov Street in Baku. In early 1992, former Soviet banks were incorporated into the National Bank of Azerbaijan; The 1992 Law on Banks and Banking Activity and the Law on the National Bank established the NBA as the top level of the new system and commercial banks (state and private) on the second level. However, in 1993 the system was undermined by poor technology, large unresolved debts among state- enterprises, irregular participation by enterprises, and bank delays in transferring funds. The main bank for the exchange of funds among private and state enterprises is the Industrial Investment Joint Stock Commercial Bank. A limitation on FDI in the banking sector was reduced when the NBA increased the limit on participation of banks with foreign ownership from 30 to 50 percent of the commercial banking market. In June 2002, the NBA liberalized some overseas transfer provisions for Azerbaijani legal residents, including an increase of advance payments for import transactions from $10,000 to $25,000 and waiver of all restrictions for withdrawing foreign currency in cash.
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