Baku, Azerbaijan, Nov. 23
By Anvar Mammadov – Trend:
Today, reforms are the main driver of growth and development of the Azerbaijani economy, but not oil, Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms and Communication.
He made the remarks during the second Banking Forum in Baku on Nov. 23.
Gasimli said that if it were not the reforms carried out in the country, Azerbaijan would not have been able to ensure the growth of the non-oil sector, the progress in the Doing Business global ranking, and to increase exports and strategic foreign currency reserves.
“Despite the decline in oil prices and the reduction in oil revenues, our country has improved its position in the Doing Business and global competitiveness ratings. Moreover, over the past 10 months, non-oil GDP grew by 2.1 percent, exports increased by 23 percent, strategic foreign currency reserves – by $5 billion,” noted Gasimli.
“Despite the fact that today the price of oil has strengthened at a level above $60 per barrel, the reforms continue,” said the executive director. “Azerbaijan aims to increase non-oil exports and exports of services, as well as the development of tourism.”
He noted that the financial and banking sector of the country needs to take advantage of the situation.
“Banks need to expand lending to the Azerbaijani economy by using the Credit Guarantee Fund and the agricultural insurance mechanism. At the same time, it is necessary to strengthen communications in the banking sector, develop a competitive environment and the interbank market, explore the possibilities of using blockchain and financial technologies, and strengthen risk management and the capitalization of banks,” added Gasimli.