Elman Rustamov
Elman Rustamov | |
|---|---|
| Born | June 29, 1952 Jabrayil District, Azerbaijan |
| Occupation(s) | Economist, politician |
| Years active | 1973–present |
| Known for | Chairman of the Central Bank of Azerbaijan (1995–2022) |
Elman Rustamov () is a prominent Azerbaijani political figure who held the position of chairman at the Central Bank of Azerbaijan from January 1995 until April 2022.
Biography
Rustamov was born on 29 June 1952 in the Jabrail district of Azerbaijan.
Education
In 1969, he began his studies at the Azerbaijan National Economy Institute (currently known as Azerbaijan State Economic University) within the faculty specializing in Planning of National Economy, completing his degree with honors in 1973.
Academic activity
From 1973 to 1978, Rustamov pursued his PhD at the Azerbaijan National Economy Institute. He successfully defended a scientific dissertation at Moscow's Scientific Research Institute of Economy in 1986. Between 1990 and 1992, he undertook doctoral studies at the Economy Institute affiliated with the USSR State Planning Committee, achieving the Doctor of Economic Science title in 1993.
Job activity
Rustamov’s professional journey started as an economist at the Scientific Research Institute of Economy under the USSR State Planning Committee. Following his military service from 1973 to 1975, he assumed leadership of the Department of Economy at Baku Fine Broadcloth Union between 1978 and 1980 before returning to the Research Institute until 1990.
In the period from 1991 to 1992, he served as chief adviser within Azerbaijan’s Presidential Administration. He became part of the Central Bank of Azerbaijan in December 1992 and held the role of Deputy Chairman at Agrarian–Industrial Union Joint Stock Bank from 1993 to 1994. In 1994, he was appointed First Deputy Chairman of the Azerbaijan Central Bank. The following year, President Heydar Aliyev named him chairman, a position he retained through reappointments in 2000, 2005, and 2010.
Since his initial appointment in 1995, Rustamov has also represented Azerbaijan as Administrator at international financial institutions including the World Bank Group, MIGA, and the European Bank for Reconstruction and Development.
Macroeconomic policy activity
Amidst the 2008 financial crisis, the Central Bank of Azerbaijan undertook substantial measures in its monetary policy under Rustamov’s leadership: notably, reducing the refinancing rate from 15% down to 2%, and lowering the reserve requirement ratio from 12% to just 0.5%. Regarding exchange rate policy, Rustamov advocated for preserving economic stability by maintaining a pegged system against the US dollar.