OREANDA-NEWS. March 01, 2012. Management Board of the Central Bank held a meeting dedicated to the results of 2011. Governor Elman Rustamov opened the meeting, attended by heads of structural units and regional offices of the Central Bank, reported the press-centre of CBA.

E.Rustamov mentioned that the previous year had been very significant for our statehood and that Azerbaijan had celebrated the 20 year anniversary of its independence. As a result of the course, founded by the national leader Heydar Aliyev and successfully continued by President Ilham Aliyev Azerbaijan had transformed to the strongest country of the region. The scale of the Azerbaijani economy grew by 3 times within a short period of time.

The Central Bank actively contributed to maintenance of the sustainable economic growth amid complicated global economic processes. According to Mr.Rustamov, the Central Bank, being one of the modern public institutions, that safeguards macroeconomic stability and strategically supports the economic growth, serves for the boost of social welfare. Inflation is maintained on a low level, the national currency is stable and banks provide financial support for the economy, modern payment systems are functioning and financial services become more qualitative.

Mr.Rustamov highlighted that the country leadership had highly appreciated the efficient performance of the Central Bank and expressed his gratitude to President Ilham Aliyev for awarding a group of the CBA staff on the occasion of the 20 year anniversary.

Members of Management Board of the Central Bank addressed diverse directions of the Bank’s performance. It was noted that currently the negative impact of the global crisis had been eliminated and the Central Bank targeted tempering the inflation. The Central Bank has started to tailor the monetary policy and prudential regulatory strategy to the post-crisis challenges. The new counter-cyclic management framework of banking supervision is actively developed. The monetary and pruudential policies are being integrated through crucial innovations. The latest challenges trigger harmonization of price and financial stability targets. The monetary and financial stability policies are based upon a deep research and analytic base.

Over the past year one of the vital priorities of the Central Bank was to ensure stable operation and development of payment systems.Tasks-oriented reforms yield further developed e-payment systems. A new cash management system is being formed and the treasury system is being optimized in concert with the best practices.

Mr.Rustamov, winding up the meeting, in general positively assessed the results of 2011 and disclosed the objectives of the Central Bank for the following strategic period. He mentioned that the Central Bank is on the threshold of a fundamental strategic challenge which necessitates further modernization of the Bank’s institutional potential. The CBA has stepped to the next strategic planning phase and the projects to be implemented by the CBA during this phase shall institutionally improve and modernize the Central Bank.

The Central Bank shall be guided by the new standards globally shaped with an eye to develop new mechanisms that ensure macroeconomic and financial stability. Solid modernization of the regulation of the banking system and supervisory framework based upon the latest international expertise and standards shall be the paramount priority in 2012.

One of the prima strategic objectives of the Central Bank is to contribute to the economic growth of the country through active participation in the development and realization of the “Azerbaijan 2020: a glance at future” concept under the appropriate order of President Ilham Aliyev.

The Central Bank has targeted to solidly modernize other functions serving for its mission along with the key functions during the next strategic period. Development of human capital shall remain one of the main tasks for upcoming years.