Document from CIS Legislation database © 2003-2019 SojuzPravoInform LLC

LAW OF THE AZERBAIJAN REPUBLIC

of December 10, 2004 No. 802-IIQ

About the Central bank of the Azerbaijan Republic

(The last edition from 27-06-2019)

This law determines the status of the Central Bank of the Azerbaijan Republic, its task, function and power, and also managerial and organizational structures, governs its relations with public authorities and other faces as Central Bank of the Azerbaijan Republic.

Chapter I. General provisions

Article 1. Central Bank of the Azerbaijan Republic

1.1. Central Bank of the Azerbaijan Republic (further - the Central Bank) is Central Bank of the Azerbaijan Republic.

1.2. According to part II of article 19 of the Constitution of the Azerbaijan Republic, the Central Bank is in exclusive property of the state.

1.3. Tasks, functions and powers of the Central Bank are established by the Constitution of the Azerbaijan Republic and this Law. In the activities the Central Bank is guided as well by other legal acts of the Azerbaijan Republic and international treaties which the Azerbaijan Republic joined.

1.4. The central office of the Central Bank is in the city of Baku.

Article 2. Status of the Central Bank

2.1. Central Bank is public legal entity, it has seal with the image of the State Emblem of the Azerbaijan Republic and the name.

2.2. Central Bank has separate balance, authorized fund and other property. According to the legislation, the Central Bank performs rights of possession, uses and orders of property, being on its balance. Except as specified, the alienation of fund and other property provided by the Law, without the permission the Central Bank it is not allowed.

Article 3. Territorial offices of the Central Bank

Central Bank has the right to open territorial offices in the Azerbaijan Republic.

Article 4. Tasks of the Central Bank

4.1. The main objective of the Central Bank is ensuring price stability within the powers established by this Law.

4.2. The purposes of activities of the Central bank are also the organization and ensuring activities of the interbank centralized and other not licensed payment systems, and also assistance of banking system stability.

4.3. Profit earning is not the main objective of the Central Bank.

Article 5. Main functions of the Central Bank

5.0. For achievement of the purposes the Central Bank performs the following functions:

5.0.1. determines and pursues monetary and monetarist policy of the state;

5.0.2. will organize the address of cash, according to part II of article 19 of the Constitution of the Azerbaijan Republic and this Law, performs release into the stream of commerce and retirement of bank notes;

5.0.3. regularly determines and announces the official rate of manat in the ratio to foreign currency;

5.0.4. according to the Law of the Azerbaijan Republic "About currency control" performs currency control and control;

5.0.5. stores and manages the international gold and foreign exchange reserves which are at its disposal;

5.0.6. according to the legislation constitutes the settlement paying balance and participates in preparation of the predicted paying balance of the state;

5.0.6-1. constitutes statistics gross (state and non-state) external debt of the country and the international investment balance, provides generalization and distribution of data;

5.0.7. it is excluded according to the Law of the Azerbaijan Republic of 04.03.2016 No. 139-VQD

5.0.8. will organize, coordinates, regulates functioning of the interbank centralized and other not licensed payment systems and exercises supervision of them according to the Law;

5.0.9. performs other functions provided by this Law and other Laws.

Article 6. Independence of the Central Bank

Central Bank is independent when implementing the functions and powers established by the Constitution and the laws of the Azerbaijan Republic, and at the same time any of public authorities or local self-government, no physical persons and legal entities can for any reason directly or indirectly limit its activities, exert illegal impact and intervention.

Article 7. Reporting of the Central Bank

7.1. Central Bank reports on the activities only to the President of the Azerbaijan Republic.

7.2. Accountability of the Central Bank before the President of the Azerbaijan Republic consists in the following:

7.2.1. in position assignment and dismissal of Board members of the Central Bank according to Item 9 of article 19 of the Constitution of the Azerbaijan Republic;

7.2.2. in position assignment and dismissal of the chairman of the board of the Central Bank - the chairman of the Central Bank (further - the chairman of the board of the Central Bank) and his deputies in compliance Items 9 and 32 of article 19 of the Constitution of the Azerbaijan Republic;

7.2.3. in appointment of the auditor for check of activities of the Central Bank and, in case of need, carrying out audit inspection in extraordinary procedure according to article 58 of this Law.

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