"The change of guard at the bank began in April, when President Ilham Aliyev appointed Taleh Kazimov, a loyal supporter of his family, as chairman of the Central Bank of Azerbaijan.

Kyazimov is 38 years old; since 2015, he has held senior positions in the management of Pasha Bank, which Aliyev's daughters Arzu and Leyla Aliyev co-own with their grandfather Arif Paşayev, Aliyev's father-in-law.

This appointment was unexpected: the previous chairman of the Central Bank Elman Rustamov held this position since 1995, and in April 2020, he was re-approved for another five-year term. However, in April Aliyev, without offering any justification, proposed to parliament to dismiss Rustamov, and lawmakers obediently approved this decision and appointed Kazimov to the vacated position. Rustamov was then appointed advisor to Prime Minister Ali Asadov, but has not been heard from since. Nor is he mentioned on the website of the Cabinet of Ministers.

By law, the bank must be politically independent, and many observers saw in Kazimov's appointment a sign that Aliyev was tightening control over the banking system.

"The banking sector was already under the control of Pasha Holding. Now the Pashayevs dominate it indiscriminately," economist and opposition politician Gubad Ibadoglu wrote on Facebook.

As it turned out, this appointment was only the first step.

In May, Kazimov hired a new advisor, Farhad Valiyev, who also held a high position in Pasha Bank's management. Prior to joining Pasha Bank, Valiyev worked at Premium Bank and Silk Way Holding; both of these companies are also affiliated with the ruling house.

Then, on June 1, another high-ranking Pasha Bank employee, Gular Pashayeva, also became an advisor to Kazimov.

And on July 22, Kyazymov promoted Pashayeva to general director of the Central Bank. On the same day, Oksana Ismailova, who had held the same position at Bravo Supermarket, one of the largest businesses within Pasha Holding, which brings together all the family firms, became the new head of the Central Bank's human resources department.

"The Central Bank has officially become a branch of Pasha Bank. Long live Pasha Azerbaijan!" – this is how one Facebook user commented on the latest appointments. The satirical news site Hamam Times responded to these events with speculation about how they might affect the national currency, the manat.

"In short, from now on, the fate of Azerbaijan's national currency is in the hands of former employees of Pasha Bank or Pashayev's people," Hamam Times wrote. – What do you think will be more profitable for Pashayev – a strong manat, a weak manat, a fixed rate or a floating manat?"