President Ilham Aliyev signed a decree on the establishment of the Financial Stability Council in Azerbaijan.

The decree states that in recent years, development of non-oil sector which is one of the key priorities of the country's economy, have reached a number of significant achievements.

Prime Minister of Azerbaijan Artur Rasi-zade was appointed the Chairman of the Council.

Board members are listed below:

Natig Amirov - the Presidential Assistant on Economic Reforms

Samir Sharifov - Minister of Finance

Shahin Mustafayev - Minister of Economy of the Republic of Azerbaijan

Elman Rustamov - Chairman of the Central Bank of the Republic of Azerbaijan

Rufat Aslanli - Chairman of the Board of Directors of the Financial Markets Control Chamber

Shahmar Movsumov - Executive Director of the State Oil Fund of the Republic of Azerbaijan.

The Council within a month will analyze the current situation in the financial sector, as well as will be engaged in the examination of the legal framework, will prevent future threats to macroeconomic stability in the area of financial stability on the basis of international principles and standards, will ensure financial stability review, will prepare proposals on steps and enforcement mechanisms to be taken in the medium term and will submit them to the President of Azerbaijan.