Azerbaijani National Bank Becomes Independent in Pay for its Staff
Azerbaijan, Baku / Trend corr. I.Khalilova, I.Alizadeh / The Milli Majlis (Azerbaijani Parliament) made changes in the bill on National Bank of Azerbaijan (NBA). In compliance with the bill NBA became independent in formation of the pay system for its staff. Representing the bill the chairman of the parliamentary commission on economy policy, Ziyad Samadzadeh, said wages increase would be held taking into consideration the pay in bank sector of the country.
"It enables the bank to stop the flow of qualified staff from NBA," Samadzadeh said.
The new bill enables the President of the country to define the wage for NBA's leadership, as well as the wages of the staff is defined on the basis of this management.
Taking into consideration the world experience the Central Bank renders independence and clarity in pay. Experts from the International Monetary Fund and World Bank recognized the independence gap of NBA.
In world experience such an approach is used in many countries, including Lithuania, Ukraine, Latvia and many other countries.