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President Ilham Aliyev: Financial situation in Azerbaijan stable

08 September 2015 14:24 (UTC +04:00)

Baku – APA. “Azerbaijan’s financial condition is stable, we have sufficient currency reserves. We were increasing currency reserves year-by-year conducting deliberate policy, and are saving funds of the State Oil Fund this year too,” Azerbaijani President Ilham Aliyev said at Tuesday’s meeting dedicated to economic issues and works on preparing the 2016 state budget.

According to him, decrease of some properties bought beforehand, especially fluctuation of USD and Euro may make one think that SOFAZ’s funds have declined: “In reality, however, we see that they have not declined. Because some changes have been made due to the evaluation and exchange rates of world currencies. However, We must and will save our currency reserves, especially those of the State Oil Fund of Azerbaijan next year too. We are working on it,” he said.

President Aliyev noted that he does not see any problem with Azerbaijan’s successful development: “We’ll successfully develop in 2016 too. We’ll fulfill all our obligations. The government should work harder, and make new proposals on next year’s expenditures, investment program, and financial condition. The main issue is that 2016’s budget should be balanced, reflect reality and not allow unnecessary expenses,” stressed the president.