Baku, Azerbaijan, Aug. 1
By Ilkin Shafiyev – Trend:
Azerbaijan will continue to work for improving its international ratings, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference Aug. 1.
"We believe the international rating agencies do not quite correctly and objectively assess the real situation in our economy. But on the other hand, I want to say we have the potential to advance in these ratings, and we should use it," Rustamov said.
He noted that work is carried out in this direction both by the Central Bank and the Government.
"We believe this will serve for a gradual improvement of the rating of Azerbaijan and restoration of its investment rating," the CBA chairman added.
Fitch Ratings and Standard & Poor’s affirmed on July 28 the 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings of Azerbaijan. The positive changes in the country's economy were stressed in the reports of both agencies. Azerbaijan's economic growth will recover and gradually strengthen, averaging 3 percent in real terms over 2018-2022, and nominal GDP will grow from 79 to 93 billion manats in the same period, according to the report of Standard & Poor's.
Fitch Ratings affirmed Azerbaijan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB+', S&P affirmed its 'BB+/B' long- and short-term foreign and local currency sovereign credit ratings on Azerbaijan. The outlook on the ratings is stable.