TODAY.AZ / Business

Structural changes underway in Azerbaijani Central Bank

18 January 2020 [17:58] - TODAY.AZ

By Trend

The number of directors general has increased in the Central Bank of Azerbaijan (CBA), Trend reports on Jan. 18 referring to the CBA’s website.

The CBA continued to implement structural changes, the next stage of which was the expansion of the number of directors general from four to six.

The new directors general are Ali Ahmadov and Togrul Aliyev, who previously served as directors of the Department for Foreign Market Operations and the Department of Risk Management, respectively.

The Azerbaijani Financial Market Supervisory Authority (FIMSA) was abolished on November 28, 2019 in accordance with the president’s order improving management of the regulatory system and control of the financial services market.

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


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