Candidate for head of Azerbaijani Central Bank determined (UPDATE)

Baku, Azerbaijan, Apr.1
By Azad Hasanli - Trend:

The Parliamentary Commission on Economic Policy of Azerbaijan recommended the current head of the country's Central Bank Elman Rustamov to the post of the bank's board member for the fifth five-year term.

His candidacy was submitted for the approval by the plenary meeting of Milli Majlis (parliament).
Under the law 'On the Central Bank of Azerbaijan', the parliament approves the composition of the Central Bank's board. Elman Rustamov's term of office expires in April 2015 and in this regard, President of Azerbaijan Ilham Aliyev put forward a proposal to extend his powers.

The head of state will appoint Elman Rustamov to the post of the CBA board head.
MPs offered to support the extension of powers of the head of the Central Bank Elman Rustamov.

The Central Bank under the leadership of Elman Rustamov was taking significant actions in response to the recent processes in the world, Deputy Chairman of the Parliamentary Committee on Economic Policy Chingiz Asadullayev said at a meeting.

"By supporting the candidacy of Elman Rustamov, we support all economic reforms adopted in the country," he said. "I am confident that Rustamov with his team contributes to the further development of the country's economy."

Vahid Ahmadov, MP, member of the committee, said that Rustamov is a good specialist in the field of macroeconomics. He also supported Rustamov's candidacy.

"The Central Bank still intervenes in the currency market to maintain the exchange rate of manat," Ahmadov said.

He offered to hold soft devaluation until early 2016 for the rate of manat to achieve its market value.

MP Javid Gurbanov supported Rustamov's candidacy and noted that he is a good specialist in his sphere and serves in favor of Azerbaijani statehood.

Another MP Khanhuseyn Kazimli, for his part added that one shouldn't forget the merits of CBA under the leadership of Elman Rustamov in Azerbaijan's economic development over the last 20 years.

t should be noted that 63-year-old Elman Rustamov was appointed the head of the board of CBA in January 1995 for the first time. Later, his powers on this post were extended in 2000, 2005 and 2010.

In accordance with the order of President Ilham Aliyev, Rustamov was appointed the head of the board of the Central Bank of Azerbaijan for another five years on April 6, 2010.

Doctor of Economic Sciences Elman Rustamov was awarded the Order of Shohrat in February 2012 for his merits in the development of Azerbaijan's banking sphere.

The term of office of 39-year-old Khagani Abdullayev as a member of the CBA board expired in March. He started working at CBA in 1997.

He was awarded the Order of Tereqqi in February 2007 for his merits in the development of Azerbaijan's banking sphere.

Edited by CN

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Follow the author on Twitter: @AzadHasanli

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