Heydar Babayev has been appointed the Minister of Economic Development of Azerbaijan. Earlier this position has been held by Farhad Aliyev, dismissed by the Azerbaijan President Ilham AliyevвЂ™s Decree on 19 October 2005. By another Decree, Heydar Babayev Aliyev is dismissed from the post of the Chairman of the State Committee on Securities under the President of the country, Trend reports.
Heydar Babayev was born in 1957 in Baku. In 1980 he graduated from the Taras Shevchenko Kiev State University, department of international relations. He worked as inspector on international exhibitions of the AzerbaijanвЂ™s Chamber of Trade and Industry. From 1981 through 1989 he was inspector on currency security and then deputy department head of the USSR Vneshtorgbank. From 1989 to 1992 he was deputy head of the вЂњBulgarInvestвЂќ company (Joint Venture between Bulgaria and USSR). From 1992 till 1997 he was the chief representative of the Turkish Foreign Economic Bank. In 1997-1998 he was the vice-president of вЂњMostbankвЂќ. Since 1999 he heads the State Committee on Securities under the President of Azerbaijan.