“The combined foreign exchange reserves of the central bank and SOFAZ (state oil fund) are almost matching the size of GDP and can sustain the market pressure for some time,” Ivana Duarte, the European Bank’s for Reconstruction and Development (EBRD) mission head in Azerbaijan said, APA-Economics reports citing Reuters.
“After the crisis (in 2014), the economy was growing at a moderate pace, the exchange rate in real terms barely changed and authorities embarked on improving the business environment and diversifying to non-oil sectors,” she noted.
