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27 April 2013, Baku.  Central Bank and Azerbaijan Banks Association hold conference on Heydar Aliyev and financial and lending system: achievements and challenges

The Central Bank of the Republic of Azerbaijan held a conference jointly with the Azerbaijan Banks Association on Heydar Aliyev and financial and lending system: achievements and challenges, dedicated to the 90th Anniversary of the National leader Heydar Aliyev.

Conference participants firstly paid a visit to the monuments of the National leader Heydar Aliyev and academician Zarifa Aliyeva in the Honorary Avenue.

The conference was preceded by presentation of gold commemorative coins minted on the 90th Anniversary of the National leader Heydar Aliyev.

It was noted that the Central Bank had 3rd generation gold commemorative coins minted under Order #2679 of President of the Republic of Azerbaijan, Ilham Aliyev, dated 21 January 2013 on celebrating the 90th Anniversary of the National leader Heydar Aliyev.

Three-type new generation commemorative coins minted of the highest quality gold in the Royal Mint of Great Britain reflect the portrait of the National leader on the background of a crescent and an eight-point star in the national style. The design of the coins is compliant with the highest aesthetic requirements and international standards.

A first type coin weighs 1 troy ounce (31,21 gr), a second type 10 troy ounce (313 gr), a third type 1 kg.

The ceremony was followed by the conference opened by Mr Elman Rustamov, Governor of the Central Bank who, greeting participants, noted that the National leader of Azerbaijan Heydar Aliyev is both the architect of independent Azerbaijan and the builder of the most stable and fastest growing economy in the world. A strong socio-economic base established by the National leader in mid-1990s is currently serving to the entire welfare of the Azerbaijani people and its bright future.

Heydar Aliyev came to power at people’s demand in a tough and drastic period of our history when the country faced a deep transition crisis, lost more than half of its economic potential, suffered from hyperinflation, extreme poverty and empty budget. Socio-economic stability – a fundemental factor of statehood – of the country was restored in a short run. This fact eventually led to crucial reforms in all spheres, including economic reforms. Consistent economic reforms paved the way to macroeconomic and price stability and creation of necessary forex reserves in the country.

Mr E.Rustamov emphasized that Heydar Aliyev’s return to power was indeed a milestone for creation and development of the banking sector along with other spheres. Under direct attention and support by Heydar Aliyev, these reforms targeted reconstruction of state banks, capitalization and consolidation of commercial banks, development of the banking infrastructure.

Mr E.Rustamov added that widescale activities of Heydar Aliyev in 1993-2003 established necessary potential for rapid growth in Azerbaijan. Key targets on construction of modern state, strong and robust economy, high social welfare and cultural society declared in 2003 by worthy follower of Heydar Aliyev, Mr President Ilham Aliyev who is succesfully continuing his political course and implementing a new growth model on the ideological basis of this course are the realities of our day. A modern growth concept adopted by the head of the country surfaces new quality priorities. Transition to an innovation-based growth model, construction of highly competitive and diversified economy are key priorities ahead.

Macroeconomic stability is one of the fundamental necessities to diversify the economy. To that end, the Central Bank will implement flexible monetary and exchange rate policy in a middle term. Financial stability is also a strategic target of the Central Bank. In this respect, macro and micro prudential policy will be oriented at managing banking sector overheating via system regulation and individual supervision.

Mr E.Rustamov noted that the key target of the banking sector for 10 years to come will be to achieve 100% financial depth compared to GDP. Significant measures are to be taken in further modernization, electronization and optimizaton of the banking business. Intense widening of bank branches and microfinance institutions in regions, development of rural banking will also be ensured. Expansion of the scale of cashless payments will be crucial to financial deepening.

At the end of his speech, Mr E.Rustamov emphasized that unprecedented activities of the National leader Heydar Aliyev, being a bright stage of the economic growth history, will stuck to our memories.

The conference continued with the speeches by other speakers.

Winners of the essay contest held by the Central Bank amongst economic oriented faculty students of higher educational institutions on Heydar Aliyev and growth of the banking sector in Azerbaijan dedicated to the 90 year anniversary of the National leader Heydar Aliyev were awarded at the end of the event.

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