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Elman Rustamov
Elman Rustamov ( az, Elman Rüstəmov) is an Azerbaijani politician. He was the chairman of Azerbaijan Central Bank from January 1995 until April 2022. Biography Rustamov was born 29 June 1952 in Jabrail district of Azerbaijan. Education In 1969, he entered Azerbaijan National Economy Institute named after D. Bunyadzade (now 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 PhD 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. Job activity Rustamov started his professional life at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Azerbaijan
The Central Bank of Azerbaijan (CBA, az, Azərbaycan Mərkəzi Bankı) is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku. The National Bank of the Republic of Azerbaijan was established by Decree of President of the Republic of Azerbaijan on Establishment of the National Bank of the Republic of Azerbaijan dated 11 February 1992. The National Bank of the Republic of Azerbaijan was renamed to “The Central Bank of the Republic of Azerbaijan” upon enactment of the Referendum Act of the Republic of Azerbaijan on “Making additions and amendments to the Constitution of the Republic of Azerbaijan” dated 18 March 2009. The status, goals, functions and authorities, as well as management and organizational structure of the Central Bank of the Republic of Azerbaijan, relations with public authorities and other persons as the central bank of the state, are determined by the Law of the Republic of Azerbaijan “On the Centra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Of Azerbaijan
The president of the Republic of Azerbaijan is the head of state of Azerbaijan. The Constitution states that the president is the embodiment of executive power, commander-in-chief, "representative of Azerbaijan in home and foreign policies", and "shall have the right of immunity rom prosecution" The president rules through his executive office, the Presidential Administration, consisting of a group of secretaries and departmental ministers. Additionally, there is a Cabinet of Ministers regarding economic and social policy and a Security Council regarding foreign, military, and judicial matters. The primary workplace is the presidential building (also known as the presidential apparatus) on Istiglaliyyat Street in Baku. Ilham Aliyev, son of the former president, Heydar, was elected the 4th and current president on 31 October 2003 after his father's resignation due to his deteriorating health and eventually died several months later. Selection process and term Eligibility Can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking In Azerbaijan
Banking in Azerbaijan in its present form dates back to 1992, but it originates in the second half of the 19th century and continued through the Azerbaijan Soviet Socialist Republic, Soviet period. It consists of the country's central bank, the Central Bank of Azerbaijan, founded on 11 February 1992, and other Commercial bank, commercial banks. The commercial banks in the country are Joint-stock company, joint–stock. The only valid currency in Azerbaijan is the Azerbaijani manat. Only the Central Bank can issue manats. During the Transition economy, transition to a market economy in the 1990s, the banking system was not meeting the needs of Economic development, socioeconomic development as expected, and followed old, Law of the Soviet Union, Soviet laws. Banks in Azerbaijan have Bank reserves, mandatory reserves, determination of norms, regulations of liabilities between creditors and depositors, and deposit insurance. These laws were introduced in 1996 after the system proved to v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Azerbaijani Manat
The manat ( ISO code: AZN; sign: ₼; abbreviation: m) is the currency of Azerbaijan. It is subdivided into 100 ''gapiks''. The first iteration of the currency happened in the times of the Azerbaijan Democratic Republic and its successor, the Azerbaijan Soviet Socialist Republic, with the issues happening in 1919–1923. The currency underwent hyperinflation, and was eventually substituted by the Transcaucasian rouble, which, in its turn, was converted to the Soviet ruble. In Soviet times, the common currency of the USSR was known as manat in the Azeri language. When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet ruble with the manat, which also went through a period of high inflation in the first years, rendering the coinage obsolete. The current manat in circulation exists since the denomination in 2006, when 5,000 old manat (AZM) were substituted with the new currency. The currency has mostly been pegged to the US dollar, at what is now the ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US Dollar
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, its equi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fixed Exchange Rate
A fixed exchange rate, often called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed or pegged by a monetary authority against the value of another currency, a basket of other currencies, or another measure of value, such as gold. There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a floating (flexible) exchange regime. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Stability
Economic stability is the 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 inflation, or frequent financial crises would be considered economically unstable. Measuring stability Real macroeconomic output can be decomposed into a trend and a cyclical part, where the variance of the cyclical series derived from the filtering technique (e.g., the band-pass filter, or the most commonly used Hodrick–Prescott filter) serves as the primary measure of departure from economic stability. A simple method of decomposition involves regressing real output on the variable “time”, or on a polynomial in the time variable, and labeling the predicted levels of output as the trend and the residuals as the cyclical portion. Another approach is to model real output as difference st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Exchange Rate Policy
An exchange rate regime is a way a monetary authority of a country or currency union manages the currency about other currencies and the foreign exchange market. It is closely related to monetary policy and the two are generally dependent on many of the same factors, such as economic scale and openness, inflation rate, the elasticity of the labor market, financial market development, capital mobility ,etc. There are two major regime types: * ''Floating (or flexible) exchange rate'' regime exist where exchange rates are determined solely by market forces and often manipulated by open-market operations. Countries do have the ability to influence their floating currency from activities such as buying/selling currency reserves, changing interest rates, and through foreign trade agreements. * ''Fixed (or pegged) exchange rate'' regimes, exist when a country sets the value of its home currency directly proportional to the value of another currency or commodity. For years many curre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Requirement Ratio
Reserve requirements are central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank. This rate is commonly referred to as the reserve ratio. Though the definitions vary, the commercial bank's reserves normally consist of cash held by the bank and stored physically in the bank vault (vault cash), plus the amount of the bank's balance in that bank's account with the central bank. A bank is at liberty to hold in reserve sums above this minimum requirement, commonly referred to as ''excess reserves''. The reserve ratio is sometimes used by a country’s monetary authority as a tool in monetary policy, to influence the country's money supply by limiting or expanding the amount of lending by the banks. Monetary authorities increase the reserve r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Crisis Of 2007–2010
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
