BAKU, Azerbaijan, June 9. The economic independence of the Central Bank of Azerbaijan is increasing, Trend reports.
This is reflected in the proposed amendments to the law "On the Central Bank of the Republic of Azerbaijan".
According to the amendments, no state and local self-government bodies, individuals and legal entities have the authority to monitor the activities of the Central Bank, except in cases provided for by law.
According to the proposed Article 6.2, the CBA has economic independence, and the funds received from the sale of its assets or other disposal of them relate to its income.
The CBA is not liable for the obligations of the state, and the state is not liable for the obligations of the CBA, except for the cases provided for in Article 14 of this law (The Central Bank cannot be declared bankrupt, and the capital shortage resulting from its activities is compensated by securities issued by the state, with a delay of one financial year).
The amendments were put to the vote and adopted in the second reading after discussion.