Activity of FIMSA as a single structure within CBA conditions is expedient - Expert


November 29, Fineko/ By the 28 November presidential decree the Financial Markets Supervision Authority (FIMSA) was abolished and its property and powers were transferred to the Central Bank. Before the order, many economist experts informed about that and predicted that FIMSA would be liquidated, linking it with expectations not justified by it.

How will the circumstances develop further? Will the Central Bank be able to cope with the powers entrusted to it - both the Bank itself and the FIMSA?

We addressed with this question to the expert on the banking sector Ekrem Hasanov.

Asked by ABC.AZ the expert pointed out that FIMSA’s existence in a separate form from the Central Bank is more optimal experience.

"As the Central Bank should be engaged in monetary policy, not in supervision," Hasanov said.

He added that it was risky to do this during the crisis, that is, in 2016. Here we needed strong personnel, a unified team: "This did not happen, that’s why the experiment did not justify itself. I’m one of the experts who took part in the preparation of the Charter of FIMSA’s constituent documents in 2016. At that time, some of my advice was not taken and subsequently these problems arose and FIMSA could not function. Then very illiterate cadres were brought there, who had nothing to do with the work. The crisis is not over, and problems are constantly arising. In recent years, relations between FIMSA and the Central Bank have been very bad. The problem did not subside. Therefore, it is more expedient that during the crisis FIMSA would act in Azerbaijan as a single structure within the Central Bank conditions.