December 11, 2023

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Business is my step

Azerbaijan’s economic sector to conclude this calendar year with superior indicators

1 min read

BAKU, Azerbaijan, Dec. 9

By Zeyni Jafarov – Pattern:

The Central Lender of Azerbaijan (CBA) continues research work on enterprise sustainability and further strengthening of money balance, Chairman of the CBA Elman Rustamov stated.

Rustamov manufactured the remark at a assembly of the Committee on Financial Plan, Field and Entrepreneurship of the Azerbaijani parliament, Development reviews on Dec. 9.

“During the economic disaster, economical flows to the banking sector are weakening,” the chairman stated. “Presently, Azerbaijani banking institutions maintain deposits of the populace in the amount of money of 7.4 billion manat ($4.3 billion), of which 86.5 p.c (6.4 billion manat that is $3.8 billion) have been insured.”

Rustamov pressured the value of applying improvements to lender deposits and consequently announced a range of improvements in this sphere in March 2021.

Chairman of the CBA stressed that regardless of the events involved with the pandemic and the Armenia-Azerbaijan Nagorno-Karabakh conflict for the liberation of the Azerbaijani lands from the Armenian profession, the money sector will end this calendar year with fantastic indicators.

Referring to the macroeconomic stability in Azerbaijan, Rustamov explained that the nation has strategic overseas exchange reserves in the quantity of $50 billion.

Chairman of the CBA added that this indicator is by 25 times fewer in Armenia and consequently there is macroeconomic instability in this state.

Rustamov stressed that the Azerbaijani extensive financial sector faces wonderful problems and the balance of this sector is significant to obtain all the objectives set for it by the president.

Observe the author on Twitter: @jafarov_zeyni

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