NB MANAGEMENT CONDUCTS PRESS CONFERENCE

10.07.2004 [17:39]
Print
A⁺ A^-

Chairman of board of the National Bank of Azerbaijan Elman Rustamov conducted a press conference July 9 at the office of the “Yeni Azerbaijan Party”.

Initially, Elman Rustamov dwelt on the policy pursued by the NB and stressed that economic reforms initiated by President Heydar Aliyev bear fruits today. He noted that due to reforms the economy is on rise now. Touching upon the vital role of the private sector, he stated that over the half of GDP is produced exactly by the private sector.

Speaking of the favorable investment milieu in Azerbaijan head of the National Bank said that the financial flow into the fixed capital had increased 62 percent. It means that 2 manats of investments fall to 1 manats of GDP.

Dwelling upon the inflation rates, he reported that it had been 50 percent a month since early years of independence. Due to the stabilization policy pursued since 1995, this figure will drop to 2-2,5 percents. Elman Rustamov stated that even 5-6-percents inflation do not pose threat to the economy.

According to E. Rustamov, the credit investments rose by 28,5 percents, long-term credits - 42 percents while short-term credits - 24 percents.

It was noted that currency reserves of Azerbaijan drastically increased. If it was $757 million in the beginning of 2004, however, it reached $808 million for six months.

The effectiveness of the currency reserves management of Azerbaijan made up 1,4 percent.

E. Rustamov said that if NB’s own reserves were 29 percent while the rest belonged to the International Monetary Fund. According to six-month results of 2004, it rose to 72-73 percent. It makes way for the finances and economy take independent steps.

NB MANAGEMENT CONDUCTS PRESS CONFERENCE

FEEDBACK