President changes management procedure for state credit organizations

President of Azerbaijan Ilham Aliyev has amended the decree dated August 7, 2009, "On the procedure for state participation in the management of banks and non-bank credit organizations whose authorized capital includes shares owned by the state."

According to Report, the head of state signed the relevant decree.

In line with the document, decisions on the reorganization and liquidation of credit organizations that are in state ownership in Azerbaijan will be made directly by the president of the country.

In addition, based on proposals from the Ministry of Finance, the Ministry of Economy will be required to coordinate with the president issues related to the approval of the charters of such credit organizations, as well as the determination of the size of their authorized capital.