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Elman Rustamov: Azerbaijan has everything needed for even greater development

6 March 2019 17:37 (UTC+04:00)
Elman Rustamov: Azerbaijan has everything needed for even greater development

By Trend

The private sector is important for achieving an even greater level of economic development in Azerbaijan, Elman Rustamov, chairman of the Central Bank of Azerbaijan (CBA), said at the high-level forum titled "Diversification of economy – role of private sector" in Baku, Trend reports.

Rustamov noted that the Azerbaijani economy has been rapidly developing over the past 15 years.

He stressed that the country managed to successfully cope with the economic crisis and achieved stability.

"We were able to achieve a very low level of inflation," he said.

The chairman went on to say that the main goal for today is to achieve even greater success and even greater economic development.

"I would like to note that the level of economic development does not correspond to the existing potential. We can achieve even greater success and develop even more and faster. All the conditions therefore are in place," Rustamov said.

For this, according to the chairman, it is very important to develop the private sector and to facilitate the flow of investment, including foreign investment.

"Rehabilitation of the financial sector is very important. Much is being done to this end. Here one should especially note the recent decree of President Ilham Aliyev on additional measures for addressing issues of problem loans of individuals in Azerbaijan," he said.

Rustamov further noted that one should be open to the world and keep up with the times. Directing state investments towards the development of human capital is also very important for further development.

“Digitalization is also very important. We are doing everything possible to make a full transition to bank transfer. This will contribute to ensuring economic transparency and further development,” he said.

Rustamov also noted that the CBA plans to strengthen the monetary policy.

The forum “Economy Diversification – Role of Private Sector” is being held in Baku on March 6, 2019, attended by representatives of the WB, the CBA, Azerbaijan’s Economy Ministry, the Ministry of Taxes and other government representatives.

Forum participants discuss the fight against informal employment and the shadow economy, ongoing sustainable reforms in the country, expansion of digital payments, the development of small and medium-sized businesses and other issues.

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