Elman Rustamov facts for kids
Quick facts for kids
Elman Rustamov
Elman Rüstəmov |
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| Chairman of Azerbaijan Central Bank | |
| In office 13 January 1995 – 12 April 2022 |
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| President | Heydar Aliyev, Ilham Aliyev |
| Preceded by | Qalib Ağayev |
| Succeeded by | Taleh Kazimov |
| Personal details | |
| Born | 29 June 1952 Jabrail district, Azerbaijan |
| Signature | .jpg){kind=small} |
Elman Rustamov is an important politician from Azerbaijan. He was the leader, or chairman, of the Central Bank of Azerbaijan for a very long time. He held this important job from January 1995 until April 2022.
Contents
Life and Career of Elman Rustamov
Early Life and Education
Elman Rustamov was born on June 29, 1952, in the Jabrail district of Azerbaijan.
In 1969, he started studying at the Azerbaijan National Economy Institute. Today, this is known as Azerbaijan State Economic University. He studied how to plan a country's economy. In 1973, he finished his studies with excellent grades.
He continued his studies and earned a PhD in 1978. A PhD is a very high university degree. Later, in 1986, he got another diploma after defending his scientific work in Moscow. In 1993, he earned a degree as a Doctor of economic science. This means he became an expert in how economies work.
Professional Journey
Elman Rustamov began his career as an economist in 1973. After serving in the military, he worked in the light industry in Azerbaijan. From 1978 to 1980, he was a department head. He then returned to his first job, working there until 1990.
From 1991 to 1992, he worked as a chief adviser for the Presidential Administration of Azerbaijan. This was a very important role, helping the country's president.
Leading the Central Bank
Rustamov joined the Central Bank of Azerbaijan in December 1992. The Central Bank is like the main bank of a country. It helps manage money and keep the economy stable.
In 1993 and 1994, he worked at a bank called Agrarian – Industrial Union Joint Stock Bank. He was the Deputy Chairman there. In 1994, he became the First Deputy Chairman of the Azerbaijan Central Bank.
In 1995, the President of Azerbaijan, Heydar Aliyev, chose him to be the Governor of the Central Bank. This was a very big responsibility. He was reappointed to this role three more times: in 2000, 2005, and 2010. This shows how much trust people had in his leadership.
Since 1995, he has also worked as an Administrator for Azerbaijan at important international groups. These include the World Bank Group, MIGA, and the European Bank for Reconstruction and Development. These groups help countries with their economies and development.
Guiding the Economy
Elman Rustamov played a key role in guiding Azerbaijan's economy. For example, during the world economic crisis in 2008-2009, he made important decisions.
The Central Bank made it easier for people and businesses to borrow money. They cut the "refinancing rate" from 15% down to 2%. This rate affects how much banks charge for loans. They also lowered the "reserve requirement ratio." This is the amount of money banks must keep in reserve.
Rustamov also worked to keep the country's money, the Azerbaijani manat, stable. He wanted to keep its value steady against the US dollar. This helped keep the economy strong during difficult times.
See also
In Spanish: Elman Rustamov para niños
- Azerbaijani manat
- Banking in Azerbaijan
- Economy of Azerbaijan
