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11 February 2012, Baku.  The Central Bank celebrates its 20 year anniversary

The Central Bank of Azerbaijan held a jubilee event dedicated to its 20 year anniversary.

Elman Rustamov, Governor of the Central Bank addressed the event participants and told that the Central Bank of Azerbaijan is celebrating its jubilee on the brightest period of its history – on the back of sustainable development of our country, more and more modernization and robust steps to the line of advanced countries of the world. Azerbaijan is living through the social, economic and cultural Renaissance in the proper sense of the word. This Renaissance rests upon a far-sighted economic strategy and its fruits founded by the National leader Heydar Aliyev and successfully continued by Honorable President Ilham Aliyev.

E.Rustamov cast a glance at the 20 year path and mentioned that the Central Bank was launched in February 1991 upon restoration of the independence of Azerbaijan. The first years of its existence coincided with instable political and economic environment in the country. Whereas the Central Bank was created in this period and had a legal basis for its performance, it had no opportunity and expertise to pursue an effective monetary policy oriented at price stability and stability of the exchange rate of the national currency and create a stable banking system. The tough period was fuelled by a politico-economical crisis, the military invasion and the civil confrontation and namely through the political support of National Leader Heydar Aliyev large-scale radical reforms on maintenance of macroeconomic stability in the country were conducted which yielded their fruits. The Central Bank accumulated significant foreign exchange reserves, the inflation fell to its minimum, and the exchange rate of manat stabilized.

The Central Bank successfully attained its objectives on formation of a sustainable banking system in the country, modernization of payment systems, application of e-banking, ongoing supply of the economy with cash, and, finally, formation of human capital.

Elman Rustamov also told that the Central Bank withstood three crises tests within its lifetime. Thus, owing to purposeful joint activity of the Central Bank with the Government, the macroeconomic stability and banking system sustained during the transformation crisis of 1993-1994, the Asian crisis of 1998 and the global financial crisis of 2008 accompanied by a crucial contribution to the economic growth.

E.Rustamov mentioned that the changes surfaced in the world upon the global financial crisis, strained post-crisis economic processes make the objectives of the Central Bank more complicated and lead to new targets. The paramount mission of the Central Bank is to provide price stability, maintain financial stability and foster the economic development of the country. According to him, the Central Bank, being a crucial public institution, shall actively contribute to the economic development of the country.

Elman Rustamov reminded the decree of President Ilham Aliyev on development of the growth concept “Azerbaijan 2020: glance at future” and told that the strategic priority of the document is to ensure entry of the country to the group of high income countries. Being guided by this priority and the idea of a XXI Century central bank, the Central Bank is determined to adequately respond to modern challenges with the new strategy and innovations within its mandate.

A new postal stamp was presented during the event, and the winners of the article contest on the Role of the Central Bank in the Country Economy and the essay contest on the Role and Growth Directions of the Banking System in the Economic Development of Azerbaijan were awarded during the event. The event was followed by display of the film “The Central Bank of Azerbaijan in 20 years”.



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