Azerbaijan managed to get back funds flown to Georgia and Turkey after devaluation – Vusal Musayev

# 13:14
11 October 2017

"Central Bank of Azerbaijan regularly conducts monitoring in the market. One of its main duties is to keep the inflation at the targeted level. Many people say that the discount rate in Azerbaijan is high and this leads to giving of loans at high interest. I agree. But what is the reality? The matter is that if the Central Bank provides financial flow, the inflation will accelerate and prices will rise”, expert of Center for Analysis of Economic Reforms and Communication Vusal Musayev said while answering the questions of participants in Azerbaijan-German business forum.


According to him, there was disbelief in entrepreneurs after the devaluation of manat: “Consequently, capital outflow occurred. Even large entrepreneurs began to make investments in Georgia and Turkey. After this, the Azerbaijani government used regulatory methods. As a result of these steps, we managed to prevent financial outflow and stimulate export. In other words, we managed to get back the funds flown to Georgia and Turkey. It’s true, we couldn’t achieve it completely. Along with this, we persuaded entrepreneurs, as well as foreign investors to make investments in Azerbaijan’s economy”.  


Musayev stressed that receipts of the state budget for 2018 will make up AZN 20 billion. However, he did not say anything about the budget expenditures.