President Ilham Aliyev: Azerbaijan’s currency reserves amount to $44B

President Ilham Aliyev: Azerbaijan’s currency reserves amount to $44B
  • Clock-gray 11:40
  • calendar-gray 19 March 2018

‘We are developing successfully. Azerbaijan is developing in economic field too. We meet the Novruz holiday with good economic results’, President Ilham Aliyev said at the nationwide festivities on the occasion of the Novruz in Baku.


The head of state noted that GDP increased by 1.3%, in non-oil sector – by 2.3%. Industrial production grew 1.4%, in non-oil sector – by 8.4%: ‘Agricultural production extended about 4%, personal incomes rose 10.2%, inflation makes up 4.7%. That’s the duties we mean are fulfilled. Currency reserves increased by 2.1 billion to $44 billion. This is a great number. We’ll increase our currency reserves more. Exchange rate of manat is stable. All infrastructure projects are implemented successfully. In a word, reforms on economic policy conducted recently have yielded results. We’ll deepen these reforms and provide sustainability of Azerbaijan’s econmy’.


According to Aliyev, these figures are indicator of policy conducted. At the same time, Azerbaijan’s community is aware of this.


‘International financial organizations also appreciate our reforms. For Davos Forum’s calculations, Azerbaijan is one of the 35 most competitive countries. Our successful economic reforms are completed with very serious social policy. We have always said that our policy focuses on Azerbaijan’s citizen. Economic reforms sometimes have negative impact on social field. Therefore, no social program was stopped even in the period of economic crisis two years ago. All social obligations were fulfilled timely. As our opportunities increased, we started to pay more attention to the social issues. Salaries in budget-financed organizations have been increased by 10 percent this year. If we look at the map, we’ll see that salaries are increased in rare countries. We do that as far as possible and we’ll continue to do. Hundreds of millions of manat have been allocated for increase of salaries, pensions this year. This shows that we want Azerbaijani citizen to live better’.


Reconstruction works are carried out in the regions. State Investment Program will allow a number of issues to be solved in the regions. Social infrastructure, schools, hospitals, sport complexes, roads, other infrastructure projects and etc. Roads of 500 villages were constructed last year, and this figure will be at least 600 his year’, the head of state said. 

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