Azərbaycan Dövlət
İqtİsad Unİversİtetİ

Chairman of the Central Bank Elman Rustamov has visited Azerbaijan State University of Economics (UNEC).

Rector, Professor Adalat Muradov spoke about the importance of holding discussions on the processes happened in the country’s and world economy. He noted that the meeting with the Chairman of the Central Bank, as well as an honorary alumnus of the university Elman Rustamov will contribute to measures taken in the direction of UNEC’s transformation into a scientific-research center. Rector highlighted the establishment of the economic forum “Diskurs.az” and the magazine “UNEC Expert” for this purpose. He noted that these resources provide university’s economists to express their attitude to the economic processes.

A.Muradov talked about UNEC’s growing influence: Our University is listed in the most prestigious rankings of the world’s higher education institutions. UNEC maintained its leadership in “Webometrics” ranking twice consistently among the universities of Azerbaijan. Furthermore, UNEC moved to 4^th place among the universities of economic profile, being the best of 200 universities of European and Central Asian region in QS ranking for June 14”.

Chairman of the Central Bank of Azerbaijan Elman Rustamov emphasized the importance of conducting debates with economic experts of one of the leading universities of the country UNEC. He said that the university economists’ attitude is significant on the processes of the country’s economy.

ACB Chairman made a presentation on “Economic Growth and Macro-economic Policy”. E.Rustamov provided the participants with the information about the macroeconomic stability, economic growth, development of non- oil sector, diversification of economy, monetary policy, capitalization of banks achieved in the last decade. He said, despite the recent events in the region and the decline in oil prices in the world market, Azerbaijan maintained its economic growth rate. He noted that the positive dynamics registered in economy was achieved through the growth in non- oil sector. The country’s economy grew by 3.4 times in the last decade which is the highest indicator.

E.Rustamov spoke about the complex measures to be implemented jointly by the Central Bank and the government towards ensuring macroeconomic and financial stability furthermore: “The Central Bank will implement a policy to increase the flexibility of monetary policy, to ensure financial stability of the national economy and international competitiveness in 2016”.

Stating that the financial stability is one of the priorities of the banking sector, E.Rustamov said to strengthen the financial stability of banking sector, capital and liquidity position and improve the deposit insurance system are being taken in the banks to ensure the safety of the populations’ deposits.

E.Rutamov emphasized that the development of non-cash payments and the expansion of electronic payment services and innovative payment technologies are the key objectives of the Central Bank: “The modernization and development of human capital, research and analytical framework, management processes play an important role in the execution of new challenges in the Central Bank”.

Then E.Rustamov responded UNEC economists’ questions on measures to be implemented to protect macroeconomic stability in the country by the Central Bank, Central Banks attitude to the processes happened in the world’s currency and energy markets and dollar’s fluctuating exchange rate.

The event proceeded with discussions. UNEC economists made their proposals to maintain macroeconomic stability, sustainable economic development of the country, especially in the non-oil sectors of the economy and its diversification.