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Falling oil prices pose no threat to Azerbaijani economy - CBA

Business Materials 28 October 2014 20:51 (UTC +04:00)
The trend of falling oil prices on the world markets and sanctions against Russia do not pose a serious threat to the economy of Azerbaijan
Falling oil prices pose no threat to Azerbaijani economy - CBA

Baku, Azerbaijan, Oct.28

By Maksim Tsurkov - Trend:

The trend of falling oil prices on the world markets and sanctions against Russia do not pose a serious threat to the economy of Azerbaijan, the governor of the Central Bank of Azerbaijan (CBA) Elman Rustamov said Oct.28 at a meeting with the member companies of the Caspian European Club (CEIBC).

He said that Azerbaijan's economy is sufficiently resistant to external factors.

"At present, there is an ongoing trend of declining in oil prices," said Rustamov. "However, the impact of this factor on the economy of the countries is minimal due to the fact that the average price was $103-104 in 2014. Macroeconomic stability in the country, strategic currency reserves in the amount of 74 percent of GDP and the minimum level of public debt create possibilities for maneuvering in such conditions."

The head of the CBA said that the average oil price in 2015 will amount to $99.5, while the price stands at $90 per barrel in the draft state budget of Azerbaijan for 2015, according to the international monetary fund. Fiscal projections for 2014 are formed at a price of $100 per barrel of oil.

Rustamov also said that the degree of influence of sanctions against Russia for Azerbaijan is very low. "Azerbaijan is among the countries which will experience the weakest influence of these sanctions, since the country's dependence on Russia's economy is less than 3 percent," he said.

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