According to him, significant correction of manat rate led to $6 billion decline in export of goods and services in 2015-2016.
However, the chairman said there are still problems in capital movement balance: “What is its reason? We have problems, accumulated borrowings, and etc. these debts are now realizing. International Bank of Azerbaijan has external borrowing. We have to repay it. This factor seriously affects the market. At the same time, we are implementing large project – TANAP. This also affects our balance of payment. If we estimate all of these factors, expected $5 billion negative balance in the balance of payment is a significant figure. Its 88-90% is related to capital movement. ”
In other words, this is related to old debts and future projects. Central Bank is conducting a policy to prevent these problems affecting current balance and current exchange rate”.
Rustamov added that the main priority today is macroeconomic stabilization and achievement of development: “There are similarities between stabilization and development. Both factors serve increase of revenues of people, companies and state. In case of instability or high inflation, they face loss. If we don’t achieve macroeconomic stability, no investor will have confidence in us”.