Vusal Gasimli: "Azerbaijan’s strategic currency reserves exceed by 6 times foreign public debt"

Vusal Gasimli: "Azerbaijan’s strategic currency reserves exceed by 6 times foreign public debt"
  • Clock-gray 12:01
  • calendar-gray 26 December 2019

This year the GDP growth rate in Azerbaijan exceeded 2% for the first time in the last five years, and the growth rate of production of non-oil GDP equaled to 3.5%, i.e. exceeded the world economic growth rate, said Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communication  of Azerbaijan Republic at the press conference dedicated to economic outcomes of 2019, "APA-Economics" reports.

“The fact that the average annual economic growth rate (weighted by non-oil exports) in the countries being Azerbaijan’s trade partners is estimated at 1.3% in 2019, and 2.5% in 2020 and the oil price exceeds the price envisaged in macroeconomic estimates along with the implemented reforms will exert positive influence on Azerbaijan’s economy”, V. Gasimli said.

 

V. Gasimli added that the credit portfolio, assets and deposits, and balance capital of the banking sector had grown, and its foreign debt had decreased: “Thus, the sector’s assets has demonstrated 6% growth based on results of initial 10 months of 2019 as compared with the same period of the last year. Besides, the net profit of the banking sector has doubled as compared with the last year. The banks’ investments in crediting have increased by 11%”.

Narmin Rahimova

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