CBA Head: Azerbaijan enters post-oil period (UPDATE)

Economy Materials 26 January 2016 14:46 (UTC +04:00)
Azerbaijan entered the post-oil period.

Details added (first version posted on 13:42)

Baku, Azerbaijan, Jan. 26

By Seymur Aliyev - Trend:

Azerbaijan entered the post-oil period, said Elman Rustamov, the chairman of the Central Bank of Azerbaijan (CBA) said Jan. 26.

Rustamov made the remarks at the session on the banking activities within the framework of the conference dedicated to the results of the "State program on socio-economic development of districts of Azerbaijan Republic in 2014-2018".

"Our main revenues come from oil, prices of which have fallen four times. In fact, the post-oil period began in the country," said Rustamov.

Azerbaijan is not dependent on oil, but we need such oil economy that will ensure our security, he added.

"Some 80,000 people are employed in the oil sector. About 4.8 million of people are able to work in Azerbaijan. Today we have to fill our budget with revenues from the non-oil sector. In fact, the post-oil period, which was expected in 30-40s, began 25 years early," Rustamov said.

"We have to gain significant dynamics of development to avoid backsliding," he said.