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The CBA is owned by the Republic of Azerbaijan and managed by the Executive Board of the CBA.
The Board is responsible for the supervising the administration and activities of the bank and for other statutory tasks.
Thus, the banking business was exclusively monopolized by the state.
The occupation of Azerbaijan by Bolshevik Russia on April 28, 1920 resulted in the liquidation of the existing financial-credit system of the country.
To do so, we exploit regional banking variations in Russia induced by the idiosyncratic creation of “specialized banks” in the last years of the Soviet Union (1988–91) that were subsequently privatized.