Azernews.Az

Azerbaijan is one of the few countries in the world that runs a trade surplus. In other words, Azerbaijan exports more than it imports, which helps keep its currency stable. However, only a few years after gaining independence, the country experienced a trade deficit. To tell the truth, those years were among the most difficult in its history, as hyperinflation hit the economy and the population faced a currency devaluation. To put this into perspective, in the second year of independence, Azerbaijan ran a trade deficit and encountered hyperinflation. The following year, the country experienced its first major devaluation—its local currency plummeted 17 times, and inflation surged from 1,129 percent to 1,663 percent.

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