Azerbaijan among ex-Soviet states `least-affected by global crunch`
The global financial crisis has affected Azerbaijan
the least among former Soviet republics, the chairman of the State
Social Protection Fund has said.
Salim Muslimov said that according to the CIS association of social security funds, after the crisis hit economies worldwide Azerbaijan improved its ranking on the amount of minimum pensions from fourth to second among CIS states. The development is due to the reduction in pensions in the dollar equivalent in Russia and Ukraine, fueled by the falling rate of the two countries` national currencies against the dollar. Thus, the decreasing rate of the Russian Ruble brought down the minimum pensions in the largest former Soviet republic from $69 to $63. In Ukraine, Grivna`s tumbling brought down pensions from $102 to $80. In Azerbaijan, however, the minimum pension rose to 93.4 manats ($115) along with the strengthening of national currency.
Muslimov noted that Azerbaijan has even surpassed Latvia, where this indicator fell to $90 since the economic crisis began. The country is currently behind only the two other Baltic states - Lithuania and Estonia - as well as Kazakhstan. In Armenia, the minimum pension is only $22.
Salim Muslimov said that according to the CIS association of social security funds, after the crisis hit economies worldwide Azerbaijan improved its ranking on the amount of minimum pensions from fourth to second among CIS states. The development is due to the reduction in pensions in the dollar equivalent in Russia and Ukraine, fueled by the falling rate of the two countries` national currencies against the dollar. Thus, the decreasing rate of the Russian Ruble brought down the minimum pensions in the largest former Soviet republic from $69 to $63. In Ukraine, Grivna`s tumbling brought down pensions from $102 to $80. In Azerbaijan, however, the minimum pension rose to 93.4 manats ($115) along with the strengthening of national currency.
Muslimov noted that Azerbaijan has even surpassed Latvia, where this indicator fell to $90 since the economic crisis began. The country is currently behind only the two other Baltic states - Lithuania and Estonia - as well as Kazakhstan. In Armenia, the minimum pension is only $22.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!