Elman Rustamov, the governor of the Central Bank of Azerbaijan, recently received an International Monetary Fund delegation headed by Raja Almarzogi.

Rustamov detailed the country's macroeconomic stability, economic growth and development of the non-oil sector, as well as the monetary policy of the CBA, the development of the banking sector and the capitalization of banks.

Rustamov addressed the synchronization of the monetary and macroprudential policies, formation of the counter-cyclic banking supervision framework, regulation of the financial sector, and maintenance of the balance between the growth of bank assets and sustainability targets.

Almarzogi expressed his appreciation for the country's economic growth and financial stability in 2013, while also calling attention to its short- and long-term challenges.

Azerbaijan joined the IMF in 1992 and has received a total of $577.3 million in loans to implement six economic reform programs.