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Economic independence of Azerbaijan's CBA may increase

Finance Materials 5 June 2023 10:39 (UTC +04:00)
Economic independence of Azerbaijan's CBA may increase
Elchin Mehdiyev
Elchin Mehdiyev
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BAKU, Azerbaijan, June 5. The economic independence of the Central Bank of Azerbaijan may be increased, Trend reports.

This is reflected in the proposed amendment to the law "On the Central Bank of the Republic of Azerbaijan", which was submitted for discussion at today's meeting of the Committee of the Milli Majlis (Parliament) on economic policy, industry and entrepreneurship.

According to the text of the draft law, state and local self-government bodies, individuals and legal entities may not directly or indirectly restrict, exert illegal influence and interfere in the activities of the Central Bank on the implementation of functions and powers established by the Constitution and laws of the Republic of Azerbaijan.

According to the amendment, no state or local government bodies, physical or legal persons may monitor the activities of the Central Bank, except in cases provided for by law. According to the proposed Article 6.2, the Central Bank has economic independence and funds received from the sale of its assets or other disposal thereof are its income. The Central Bank is not liable for the obligations of the state and the state is not liable for the obligations of the Central Bank except in cases provided for by Article 14 of this Law (the Central Bank cannot be declared bankrupt, insufficiency of capital arising from the activities of the Central Bank is compensated by securities issued by the state with a deferral for one financial year).

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