National Bank of Azerbaijan Takes Measures to Prevent Flow-Out of Staffs
Azerbaijan, Baku /corr. Trend I.Khalilova, I.Alizade / Taking into consideration the world practice in providing independence and transparency in labor payments in the Central banks, the National Bank of Azerbaijan (NBA) suggests making amendments to the article 21 of the Law on NBA. The amendments were discussed at the meeting of Azerbaijan Parliament's Commission for Economic Co-operation on 26 October. The NBA Deputy Chairman, Rufat Aslanli, said that the experts of the International Monetary Fund and the World Bank support providing independence to the NBA, exactly with regards to the labor payment.
According to the Law on NBA, the salary of the Head of the National Bank is determined by the President of the Country and on the base of it, the Executive Board appoints labor payments for other employees.
According to Aslanli, the concrete requirements for the labor payments in the Central banks are determined according to Basel-1 principles and the IMF regulations on independence and transparency in labor payments in Central banks.
Taking it into consideration, the NBA suggests making amendments to article 21 of the Law on NBA regarding increasing of the salaries of the bank's employees taking into consideration the labor payments in the banking sector of the Country. According to Aslanli, it will enable to prevent the flow-out of the qualified staffs from the National Bank.
Such practice is carried out in many countries, including Lithuania, Ukraine, Latvia.