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        "Heydar Aliyev - 90"

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8 May 2013, Baku.  Central Bank holds event on the 90th Anniversary of the National Leader Heydar Aliyev.

The Central Bank held an event on the occasion of the 90th anniversary of the National Leader Heydar Aliyev.

The keynote speaker – Mr. Elman Rustamov told that the unforgettable historical personality, great political figure Heydar Aliyev is both the builder of our independent country and the architect of the modern Azerbaijan. Heydar Aliyev is one of the most prominent historical and political figures of the 20th century. This fame stems from his unprecedented services to his nation, a rich life path, long years of prestige as a statesman, and his wise and tireless activities.

The first stage of state leadership of Heydar Aliyev coincided with the soviet era which is characterized by a turning point in the modern history of Azerbaijan and prosperity in socio-political life, science, culture and arts. State sovereignity and economic independence, close integration of modern Azerbaijan into the world economy would not have been possible without the potential, laid down in that period. The National leader Heydar Aliyev, who returned to power at people’s demand after the country regained its independence back in the 20th century, ensured socio-political independence – the key prerequisite of statehood and demonstrated great determination in the sphere of economic construction and started deep and wide-scale reforms. He said: A contry with a strong economy is capable of all.

The economic construction phase coincides with the period, when the gross national income dropped twice as a result of economic chaos and stagnation in the early years of satate independence. Great determinatoin and strong political will were required to carry out reforms in such a period. Heydar Aliyev had that determination and political will and reforms yielded fruits and the economic view of the country changed in a short run. Macroeconomic stability and economic growth were ensured and mainained. Social issues were on a priority list despite the limited financial capacity of the country. On the contrary, social indicators of the country started to improve.

Besides drastic reforms, the country was also in need of strong financial stimulus for its long term rapid growth. Under such tough conditions and foreign pressures one of the most significant steps taken by the National Leader was the development of the oil strategy which in terms of finance paved the way to the long run growth of Azerbaijan. On September 20, 1994 Heydar Aliyev signed the contract of the century, that would become the basis for future economic and political success. This contract both was a great economic achievement and the guarantor of the independence of Azerbaijan.

The banking sector construction was one of the vital orientations of the reforms, initiated and supported by Heydar Aliyev. Once he said: Every independent country closely integrating into the world economy with a market economy should establish the financial-credit and financial-banking system compatible with the modern requirements and international standards. We have established and are developing such a system. This thesis guided the banking reforms aimed at reconstruction of state-owned banks, capitalization and consolidation of commercial banks, and development of banking infrastructure.

The worthy follower of Heydar Aliyev, President Mr. Ilham Aliyev with great determination continues the modern Azerbaijan model established by the National Leader. The country entered to a new stage – the rapid growth and modernization stage – in the development path of Heydar Aliyev as soon as Mr. Ilham Aliyev came to power.

The country was on the top in terms of economic growth over the period and entered the group of middle income countries. Poverty rate dropped from 50% to 6%. Unemployment was diminished. The country began to modernize in all spheres of social life. The middle income country status was achieved only within 3 years, whereas, even in the best practices, the success period lasted not less than 10 years. The national economy grew 3.4 times as much, the average annual economic growth rate surpassed that of the world by 3.5 times as much and constituted 13.5%. Modern infrastructure has been created in the country and regional development accelerated.

Construction of the banking sector, initiated and supported by the National leader further accelerated. During the presdiency of Mr Ilham Aliyev the banking sector entered to the next phase of its development. The banking sector has grown over 17 times since 2003 keeping pace with high development and economic growth, its financial intermediation became more crucial and the access of the population to bank finance increased. The population considerably trusts the banking sector, the deposit base exceeds AZN 5 billion. Currently, depositors are numbering 2 million. Financial depth of the sector equals 67% of GDP having climbed by 2 times over the past 10 years.

Currently the country owns robust financial infrastructure, including the national payment infrastructure with all inherent elements, and e-payment systems grow rapidly. Today the banking sector successfully applies the corporate governance and international financial reporting standards.

At the end of his speech Mr E.Rustamov once more told that, Heydar Aliyev is a legendary leader, prominent political and historical figure who left a legacy of a sample Azerbaijanian. His inspiring memory will eternally live in the hearts of our people.

The event was finalized with the show of the film dedicated to socio-political activities of the National leader.

To note, within the frames of jubilee events dedicated to the 90th anniversary of the National leader Heydar Aliyev the Central Bank held a Heydar Aliyev and Financial-Credit System: Achievements and Challenges conference, presented gold commemorative coins minted on the occasion, a Consumer Finance Protection and Financial Literacy Issues workshop and a chess tournament.

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