Elman Rustamov
Encyclopedia
Elman Rustamov is an Azerbaijan
i politician. He is currently governor
of Azerbaijan Central Bank.
. He is married and has three children.
at the Azerbaijan National Economy Institute named after D. Bunyadzade. In 1986, he successfully defended the scientific thesis at Scientific Research Institute of Economy in Moscow
and obtained a diploma
.
During 1990-1992 he continued scientific activity towards a Doctorate
degree at the Economy Institute under the USSR State Planning Committee. In 1993, he received a degree in Doctor
economic science.
city and completed it in 1975.
In 1978-80, he worked at Baku Fine Broadcloth Union of Azerbaijan SSR
Ministry of Light Industry as a head of the department of Economy. After 2 years he returned to his first work place (Scientific Research Institute of Economy under USSR State Planning Committee) and worked there until 1990.
In 1991-1992, he continued his professional activity at Presidential Administration of the Azerbaijan Republic
as a chief adviser.
Rustamov joined the Central Bank of Azerbaijan in December 1992. In 1993-1994, he worked at the Agrarian – Industrial Union Joint Stock Bank as Deputy Chairman of the Management Board. In 1994, he was appointed to the First Deputy Chairman of the Management Board of Azerbaijan Central Bank. In 1995, he was nominated to the governorship by the Order of the Azerbaijan President
- Heydar Aliyev
. In 2000, 2005 and 2010, he was reappointed the second, third and fourth time.
Since 1995 he has simultaneously been Administrator for Azerbaijan
at World Bank Group
, MIGA and European Bank for Reconstruction and Development
.
orientation of Central Bank of Azerbaijan has strictly expanded: refinancing rate
was cut down from 15% up to 2%, reserve requirement ratio form 12% up to 0.5%. In exchange rate policy Rustamov voted for financial stability
holding a pegged regime
against the US dollar.
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
i politician. He is currently governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
of Azerbaijan Central Bank.
Biography
Rustamov was born 29 June 1952 in Jabrail district of AzerbaijanAzerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
. He is married and has three children.
Education
In 1969, he entered Azerbaijan National Economy Institute named after D. Bunyadzade (currently Azerbaijan State Economic University), faculty of Planning of National Economy. In 1973, he graduated with honors from the University.Academic activity
In 1973-1978, he had completed his PhDPHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...
at the Azerbaijan National Economy Institute named after D. Bunyadzade. In 1986, he successfully defended the scientific thesis at Scientific Research Institute of Economy in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
and obtained a diploma
Diploma
A diploma is a certificate or deed issued by an educational institution, such as a university, that testifies that the recipient has successfully completed a particular course of study or confers an academic degree. In countries such as the United Kingdom and Australia, the word diploma refers to...
.
During 1990-1992 he continued scientific activity towards a Doctorate
Doctorate
A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...
degree at the Economy Institute under the USSR State Planning Committee. In 1993, he received a degree in Doctor
Doctor (title)
Doctor, as a title, originates from the Latin word of the same spelling and meaning. The word is originally an agentive noun of the Latin verb docēre . It has been used as an honored academic title for over a millennium in Europe, where it dates back to the rise of the university. This use spread...
economic science.
Job activity
Rustamov started his professional life at the Scientific Research Institute of Economy under USSR State Planning Committee as an economist immediately. After 6 month he joined military service in SmolenskSmolensk
Smolensk is a city and the administrative center of Smolensk Oblast, Russia, located on the Dnieper River. Situated west-southwest of Moscow, this walled city was destroyed several times throughout its long history since it was on the invasion routes of both Napoleon and Hitler. Today, Smolensk...
city and completed it in 1975.
In 1978-80, he worked at Baku Fine Broadcloth Union of Azerbaijan SSR
Azerbaijan SSR
The Azerbaijan Soviet Socialist Republic , also known as the Azerbaijan SSR for short, was one of the republics that made up the former Soviet Union....
Ministry of Light Industry as a head of the department of Economy. After 2 years he returned to his first work place (Scientific Research Institute of Economy under USSR State Planning Committee) and worked there until 1990.
In 1991-1992, he continued his professional activity at Presidential Administration of the Azerbaijan Republic
Presidential Apparatus
The Office of Azerbaijan President is the executive administration of President of Azerbaijan. The office is in charge of realization of constitutional responsibilities of the President...
as a chief adviser.
Rustamov joined the Central Bank of Azerbaijan in December 1992. In 1993-1994, he worked at the Agrarian – Industrial Union Joint Stock Bank as Deputy Chairman of the Management Board. In 1994, he was appointed to the First Deputy Chairman of the Management Board of Azerbaijan Central Bank. In 1995, he was nominated to the governorship by the Order of the Azerbaijan President
President of Azerbaijan
The country of Azerbaijan is a presidential republic, with the President of Azerbaijan as the head of state, and the Prime Minister of Azerbaijan as head of government...
- Heydar Aliyev
Heydar Aliyev
Heydar Alirza oglu Aliyev , also spelled as Heidar Aliev, Geidar Aliev, Haydar Aliyev, Geydar Aliyev was the third President of Azerbaijan for the New Azerbaijan Party from June 1993 to October 2003, when his son Ilham Aliyev succeeded him.From 1969 till 1982, Aliyev was also the leader of Soviet...
. In 2000, 2005 and 2010, he was reappointed the second, third and fourth time.
Since 1995 he has simultaneously been Administrator for Azerbaijan
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
at World Bank Group
World Bank Group
The World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries.The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...
, MIGA and European Bank for Reconstruction and Development
European Bank for Reconstruction and Development
Founded in 1991, the European Bank for Reconstruction and Development uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their...
.
Macroeconomic policy activity
During the world economic crises in 2008-2009 monetary policyMonetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
orientation of Central Bank of Azerbaijan has strictly expanded: refinancing rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
was cut down from 15% up to 2%, reserve requirement ratio form 12% up to 0.5%. In exchange rate policy Rustamov voted for financial stability
Economic stability
Economic stability refers to an absence of excessive fluctuations in the macroeconomy. An economy with fairly constant output growth and low and stable inflation would be considered economically stable. An economy with frequent large recessions, a pronounced business cycle, very high or variable...
holding a pegged regime
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
against the US dollar.
See also
- Central Bank of Azerbaijan
- Azerbaijani manatAzerbaijani manatThe Manat is the currency of Azerbaijan. It is subdivided into 100 qəpik. The word manat is borrowed from "moneta" which is pronounced as "maneta"...
- Banking in AzerbaijanBanking in AzerbaijanThe Central Bank of Azerbaijan is the central bank of Azerbaijan which is charged with regulating the money supply, circulating currency, and regulating the commercial banks of the country. However, the banking system in Azerbaijan is small relative to GDP and ineffective in capital allocating. An...
- Economy of AzerbaijanEconomy of AzerbaijanAzerbaijan is an economy that has completed its post-Soviet transition into a major oil based economy , from one where the state played the major role...
External links
- http://www.nba.az/default.aspx?go=151&lng=en