Why is this important
The appointment of deputies from key departments (monetary policy, regulation, supervision) strengthens the professional team of the Central Bank. Achilov was responsible for monetary policy and liquidity management. Nosirov — for regulating credit institutions (banks, MFOs). Fazilov — for supervision of banks and financial stability. The improvement of internal personnel indicates the continuity of the Central Bank’s policy.
What happened
- Nodirbek Achilov has been appointed Deputy Chairman of the Central Bank. Previously headed the Department of Monetary Operations;
- Sanjar Nosirov has been appointed Deputy Chairman of the Central Bank. Previously, he headed the Department of Methodology for Regulation of Credit Organizations;
- Nusratulla Fazilov has been appointed Deputy Chairman of the Central Bank. He previously headed the Department of Prudential Supervision of Banks.
Assigned profiles
Photo: CB
Nodirbek Achilov:
- Previous position: Head of the Department of Monetary Operations;
- Competencies: monetary policy, liquidity management, open market operations, key rate;
- Significance: Achilov was responsible for implementing the Central Bank’s monetary policy — a key tool for controlling inflation and the soum exchange rate.
Sanjar Nosirov:
- Previously: Head of the Department of Methodology for Regulation of Credit Organizations;
- Competencies: development of regulations for banks and microfinance organizations, licensing, regulatory requirements;
- Significance: Nosirov was responsible for creating game rules for the financial sector, including Islamic banks, microfinance, and fintech.
Nusratulla Fazilov:
- Previous position: Head of the Department of Prudential Supervision of Banks;
- Competencies: monitoring the financial stability of banks, risk control, bankruptcy prevention;
- Significance: Fozilov was responsible for the financial stability of the banking sector — a critical function for protecting depositors and preventing crises.
Context
The appointment of three new deputy chairmen of the Central Bank strengthens the regulator’s leadership with experts from key departments. All three have experience working within the Central Bank and have a deep understanding of monetary policy, regulation, and supervision mechanisms.
The improvement of internal personnel indicates the continuity of the Central Bank’s policy under the leadership of Chairman Timur Ishmetov. The regulator puts emphasis on professionalism and expertise, not external appointments.
Achilov (monetary policy) will oversee key interest rates (currently 14%), inflation (target 8%), and the soum exchange rate. His experience is crucial in the context of strengthening the national currency and reducing inflation.
Nosirov (regulation) will be responsible for developing the regulatory framework for Islamic banks (launched by 2030), fintech companies, and microfinance organizations. Its task is to create flexible rules that stimulate innovation without compromising stability.
Fazilov (supervision) will monitor the financial stability of banks in the context of the growth of the loan portfolio (+13%) and the dominance of retail lending (36% of the portfolio). Its task is to prevent the accumulation of systemic risks.
The appointments are taking place during the period of active reforms in the banking sector: launching Islamic banks, allowing fintech companies to access banking services, controlling large borrowers, and combating online lending fraud. Strengthening the Central Bank’s leadership should ensure the effective implementation of these initiatives.
