DECREE OF THE PRESIDENT OF THE REPUBLIC OF AZERBAIJAN

on application of the Law of the Republic of Azerbaijan on ‘the Central Bank of the Republic of Azerbaijan’

In connection with enactment of the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’ in order to ensure the application of the said Law I decide:
1. to assign the Cabinet of Ministers within a month to:
1.1. develop and submit to the President of the Republic of Azerbaijan proposals on adjusting effective legislative acts to the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’;
1.2. ensure adjustment of regulations of the Cabinet of Ministers and relevant central executive bodies to the said Law and advise the President of the Republic of Azerbaijan accordingly;
1.3. resolve other issues arising from the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’ within its authorities.
2. Determine that:
2.1. authorities of ‘the relevant executive body’ specified in Article 8.2 of the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’ shall be exercised by the Ministry of Justice of the Republic of Azerbaijan;
2.1-1. authorities of the relevant executive body specified in Article 12.2 of the said Law shall be exercised by the Ministry of Finance of the Republic of Azerbaijan in the first, and the President of the Republic of Azerbaijan in the second case;
2.1-2. the ‘special purpose budget fund’ specified in Article 12.2 of the said Law shall be defined as the Guarantee Fund for state-backed debts;
2.2. authorities of ‘the relevant executive body’ specified in Articles 16.2, 17.1 and 17.2 of the said Law shall be exercised by the Ministry of Finance of the Republic of Azerbaijan by advising the Cabinet of Ministers of the Republic of Azerbaijan;
2.3. authorities of ‘the relevant executive body’ specified in Article 18.1 of the said Law shall be exercised by the President of the Republic of Azerbaijan, the Cabinet of Ministers of the Republic of Azerbaijan and the Ministry of Finance of the Republic of Azerbaijan within its competence;
2.4. authorities of ‘the relevant executive body’ specified in Articles 19 and 41.1 of the said Law shall be exercised by the Cabinet of Ministers of the Republic of Azerbaijan upon coordinating with the President of the Republic of Azerbaijan;
2.5. authorities of ‘the relevant executive body’ specified in Articles 22.0.5, 22.0.8, 22.0.13, 22.0.16, 38.3, 42.4 and 58.6 of the said Law shall be exercised by the President of the Republic of Azerbaijan;
2.6. the ‘body (institution)’ specified in Article 58.6 of the said Law shall be defined as the President of the Republic of Azerbaijan.
3. Recommend the Central Bank of the Republic of Azerbaijan within a month to:
3.1. develop and submit to the Cabinet of Ministers of the Republic of Azerbaijan draft regulations on destruction of currency withdrawn from circulation, except for counterfeit money, according to Article 41.1 of the Law of the Republic of Azerbaijan ‘on the Central Bank of the Republic of Azerbaijan’;
3.2. resolve other issues arising from the said Law within its authorities.
4. This Resolution shall take effect from the day of signing.

Ilham ALIYEV,
President of the Republic of Azerbaijan

Baku city, 27 May 2005
№ 237