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Strategic currency reserves almost reach GDP volume in Azerbaijan

Christian Fernsby |
Azerbaijan’s strategic foreign exchange reserves reached $52 billion in 2019, which amounted to 90 percent of the country's GDP, Azerbaijani Minister of Economy Mikayil Jabbarov said at the press-conference entitled “Tax Reforms: From Shadows to the Light”, which is being held in Baku on Feb. 11, Trend reports.

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Representatives of the Ministry of Economy, Ministry of Taxes and the management of the Central Bank of Azerbaijan also attended the conference.

The minister stressed that the economic growth rates increased by 2.2 percent while those in the non-oil sector by 3.5 percent in 2019, which is two times more than in 2018.

“The export of non oil products increased by 14 percent and reached $2 billion,” Jabbarov added. “The inflation rate amounted to 2.6 percent while cash income of the population exceeded inflation by 2.8 times.”

“The growth in the non-oil sector affected the growth of most indicators,” the minister added. “Thus, the volumes of paid VAT (24 percent), balances in bank accounts (71 percent), accounts of legal entities (19 percent) and individuals (26 percent) increased in the sector over the past year.”

Summing up the results, the minister stressed that the legalization of business is one of the main goals of economic development of the country and important steps are being taken in this sphere to ensure transparency and healthy competition in the business community.

Touching upon other goals of economic development, Jabbarov stressed such spheres as long-term diversification of the economy, development of small and medium-sized businesses, creation of import-substituting domestic production, increasing the country's transit potential and expanding export services.

“Undoubtedly, the country's economic balance and political will are strong,” the minister said. “I think that this year will be important in increasing the competitiveness of our economy.”

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