Elman Rustamov ( az, Elman Rüstəmov) is an

Azerbaijan Azerbaijan (, ; az, Azərbaycan ), officially the Republic of Azerbaijan, , also sometimes officially called the Azerbaijan Republic is a transcontinental country located at the boundary of Eastern Europe and Western Asia. It is a part of t ...

i 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

Education

In 1969, he entered Azerbaijan National Economy Institute named after D. Bunyadzade (now

Azerbaijan State Economic University , latin_name = , image = Azerbaijan State Economic University main building.jpg , image_upright = 1.2 , caption = Building of Azerbaijan State Economic University in Istiglaliyyat Street , motto = , established = June ...

), faculty of Planning of National Economy. In 1973, he graduated with honors from the

University A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States ...

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 Moscow ( , US chiefly ; rus, links=no, Москва, r=Moskva, p=mɐskˈva, a=Москва.ogg) is the capital and largest city of Russia. The city stands on the Moskva River in Central Russia, with a population estimated at 13.0 millio ...

and obtained a diploma. During 1990-1992 he continued scientific activity towards a

Doctorate A doctorate (from Latin ''docere'', "to teach"), doctor's degree (from Latin ''doctor'', "teacher"), or doctoral degree is an academic degree awarded by universities and some other educational institutions, derived from the ancient formalism ''li ...

degree at the Economy Institute under the USSR State Planning Committee. In 1993, he received a degree in

Doctor Doctor or The Doctor may refer to: Personal titles * Doctor (title), the holder of an accredited academic degree * A medical practitioner, including: ** Physician ** Surgeon ** Dentist ** Veterinary physician ** Optometrist *Other roles ** ...

economic science Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyze ...

Job activity

Rustamov started his professional life at the Scientific Research Institute of Economy under USSR State Planning Committee as an economist immediately. After six months he joined military service in

Smolensk Smolensk ( rus, Смоленск, p=smɐˈlʲensk, a=smolensk_ru.ogg) is a city and the administrative center of Smolensk Oblast, Russia, located on the Dnieper River, west-southwest of Moscow. First mentioned in 863, it is one of the oldest ...

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 the Presidential Administration of Azerbaijan as a chief adviser. Rustamov joined the

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 establish ...

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 Heydar Alirza oghlu Aliyev ( az, Һејдәр Әлирза оғлу Әлијев, italic=no, Heydər Əlirza oğlu Əliyev, ; , ; 10 May 1923 – 12 December 2003) was a Soviet and Azerbaijani politician who served as the third president of Az ...

. 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 The World Bank Group (WBG) is a family of five international organizations that make leveraged loans to developing countries. It is the largest and best-known development bank in the world and an observer at the United Nations Development Gr ...

, MIGA and European Bank for Reconstruction and Development.

Macroeconomic policy activity

During the world economic crises in 2008-2009

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 a ...

orientation of Central Bank of Azerbaijan has strictly expanded: refinancing rate was cut down from 15% up to 2%,

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 centra ...

from 12% up to 0.5%. In exchange rate policy Rustamov voted for

financial stability Financial stability is a property of a financial system that dissipates financial imbalances that arise endogenously in the financial markets or as a result of significant adverse and unforeseeable circumstances. When stable, the system absorbs ...

holding a pegged regime against the

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 officia ...

.Chairman of the National Bank of Azerbaijan: Manat devaluation is not expected

Sources

External links

* http://www.nba.az/default.aspx?go=151&lng=en {{DEFAULTSORT:Rustamov, Elman Governors of Azerbaijan Central Bank Political office-holders in Azerbaijan 20th-century Azerbaijani economists 1952 births People from Jabrayil District Living people World Bank Group people Azerbaijan State University of Economics alumni