Central Bank of Azerbaijan facts for kids
Quick facts for kidsCentral Bank of Azerbaijan
|Established||11 February 1992|
|Central bank of||Azerbaijan|
|ISO 4217 Code||AZN|
|Reserves||6,566,000,000/$8,566,000,000 (January 1, 2011)|
|Base borrowing rate||5.25%|
The Central Bank of Azerbaijan (Azerbaijani: Azərbaycan Mərkəzi Bankı) is the central bank of Azerbaijan. The headquarters of the bank is in the capital city Baku. The bank has regional branch offices in Nakhchivan, Ganja, Yevlakh, Khachmaz, Goychay and Bilasuvar.
The bank was first established on September 16, 1919 shortly after the establishment of the Azerbaijan Democratic Republic on May 28, 1918. It was closed when Azerbaijan was occupied and annexed by the Soviet Union, and was established again in February 11, 1992 after the Soviet Union ended and Azerbaijan became independent again on October 18, 1991.
The main tasks of the Central Bank of Azerbaijan are:
- to control the supply of money and its exchange with other currencies
- to control banks and make sure the economy is stable
- to regularly determine and announce an official exchange rate of the national currency, the Azerbaijani manat
- to print banknotes and coins, and to introduce and withdraw them from circulation
- to make money
- to control how much money goes in and out of Azerbaijan
- to control all commercial banks
The Executive Board is made up of the Governor, who is the Chairperson of the Board of directors, and 4 members who are appointed by the President of Azerbaijan and the National Assembly of Azerbaijan. The current governor is Elman Rustamov.
Central Bank of Azerbaijan Facts for Kids. Kiddle Encyclopedia.