Azerbaijani President: “The banking sector was the most severe blow to our economy”

Azerbaijani President: “The banking sector was the most severe blow to our economy”
# 11 January 2017 04:33 (UTC +04:00)

“Despite the sharp decline in oil prices, we were able to save foreign exchange reserves, including reserves of the Oil Fund. We have to save foreign exchange reserves this year and I'm sure that would achieve growth of foreign exchange reserves”, - President of the Republic of Azerbaijan Ilham Aliyev has said at the meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of 2016 and objectives for the future, APA reports.

 

The Head of State noted that previous year have been taken important steps to improve the health of the banking sector, tightened control measures to ensure transparency, as well as penalties and administrative measures have been taken: “The most severe blow to our economy was the banking sector. Therefore, this year will also be taken serious steps to rid the sector, increase transparency, bring into line with international standards. Serious struggle against violators of the law will be carried out in the future, too”.

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