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16 March 2011, Baku.
 The CBA Governor makes a presentation at the
Georgetown University

Elman Rustamov

Governor of the Central Bank made a presentation on Economic Modernization of Azerbaijan and Post-crisis
Period: Challenges and Strategies at famous Georgetown University during Azerbaijan Days held in the WB
Headquarters in Washington. The presentation provided general information on Azerbaijan, and in-depth
information on reforms and progress thereof, sustainability to the global crisis, post-crisis challenges,
financial stability, monetary policy and new economic strategies.

It was mentioned that high growth, preventive provisioning and safety cushion preceded the crisis played
a significant role in neutralization of the effect of the crisis. However, both the government and the Central Bank
were able to take effective anti-crisis measures during the active phase of the global crisis which resulted in
endurance of development and preservation of sustainability in Azerbaijan during the global crisis. At the same
time the international image of Azerbaijan improved as well. Currently, the Azerbaijani economy faces one
strategic goal: preserve growth rates achieved by the country and provide entry to the group of high-income

“President of Azerbaijan Mr.Ilham Aliyev draw strategic initiatives on further modernization and layering of the
national economy, radical improvement of business and investment environment, increase of the role of small
and medium entrepreneurship. It is top priority to determine a new economic growth model to realize this
strategy,” E.Rustamov said. The presentation was interactive and followed by a question-answer session.

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