Azernews.Az

By Trend

The Central Bank of Azerbaijan (CBA) expects a high level of surplus of the country’s balance of payments in 2018, CBA Chairman Elman Rustamov said at a press conference in Baku on April 9.

Rustamov noted that positive results achieved in 2017 also had an impact on the first quarter of 2018.

"By the end of the first quarter 2018, our trade turnover increased by 31 percent, and the growth of non-oil exports amounted to 37 percent. All this shows that the process of diversification of the Azerbaijani economy is proceeding successfully. We predict that the balance of payments will continue to grow," Rustamov said.

The current account surplus of Azerbaijan's balance of payments in 2017 amounted to $1.7 billion. Azerbaijan completed 2016 with a current account deficit of the balance of payments at $1.36 billion.

The current account deficit decreased by 13.7 times compared to 2016 and amounted to $201.4 million in 2017.

The analysis of the balance of payments in various sectors has shown that, as in previous years, foreign economic operations in the oil and gas sector had a positive balance, while those in the non-oil sector had a negative balance in 2017.

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