Azerbaijan reduces Central Bank’s powers

Azerbaijan has reduced the powers of its Central Bank.

This was established by Azerbaijani President Ilham Aliyev's corresponding decree, APA reports.

Under the decree, the Cabinet of Ministers is entrusted with the functions of the secretariat of the Council established to organise the activities of Azerbaijan's Economic Council.

Moreover, the Cabinet of Ministers will determine the composition of the secretariat of the Council.

Previously, the Central Bank of Azerbaijan had these powers.