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Ilham Aliyev: Unlike many countries, last year we managed to maintain our foreign exchange reserves

“Our economic situation is improving. As I mentioned last year, 2016 was the year of economic stabilization and profound economic reforms. The reforms have already begun to bear fruit. This year is the year of development. The indicators of the first two months confirm this. There is economic growth, albeit little.

Azerbaijani President Ilham Aliyev made the remarks on March 18 in the nationwide festivities held in Baku on the occasion of the national holiday of the people of Azerbaijan – Novruz.

 

The president said that the gross domestic product grew by 0.4% during the first two months of this year. “The country’s non-oil industry has grown by 5% and agriculture by more than 3%. These are the main indicators of our economic development. Unlike many countries exporting oil and gas, we managed to maintain our foreign exchange reserves last year. Although, we could spend them. However, we are thinking about the long-term interests of our country. Every year we should increase our foreign exchange reserves. We achieve this. Today, the country’s foreign exchange reserves are five times higher than its external debt. There are few countries with this indicator”, said Mr.Aliyev.  

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