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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