Structural changes made in Azerbaijani Central Bank

Structural changes made in Azerbaijani Central Bank

BAKU, Azerbaijan, Jan. 16

Trend:

Structural changes have been made in the Central Bank of Azerbaijan (CBA) in connection with the transfer of powers of the abolished Azerbaijani Financial Market Supervisory Authority (FIMSA) to the bank, Trend reports on Jan. 16 referring to the CBA website.

As part of the changes, the market operations department (the head is Ali Ahmadov), the economic analysis department (the head is Shaig Adigozalov) and the risk management department (the head is Togrul Aliyev), as well as the procurement department (the head is Namig Yagubli) were abolished in the CBA.

In turn, the credit organizations’ activity control department (the head is Fuad Isayev), the financial markets operations department (the head is Elnur Seydiev), the insurance activities control department (the head is Vusal Gurbanov) and the foreign exchange reserves governance department (the head is Tarlan Rasulov), as well as the licensing department (the head is Elnur Allahverdiyev) and the financial monitoring department (the head is Zaur Hajili) were established.

Furthermore, the strategic management department under the leadership of Arif Shiraliyev was renamed into the corporate governance department while the general department, headed by Elizbar Azimov, was reorganized into the secretariat.

FIMSA was abolished on November 28, 2019, in accordance with the president’s decree on improving management of the regulatory system and control of the financial services market.

According to the decree, FIMSA’s powers, determined upon the Azerbaijani laws, including its rights and obligations in the field of licensing, regulation and supervision of the financial services market, protection of the rights of investors and consumers of financial services, as well as its property, were transferred to CBA.

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