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Presidential aide: Fall in manat rate stems from negative effects of global processes

28 December 2015 15:27 (UTC +04:00)

Most experts say fall in prices of energy resources is a process that is stimulated deliberately and this policy seriously threatens international relations, security system and existing economic ties, said Hasanov.

“On one hand energy exporting countries see decline in their revenues, on the other hand many countries see their national currency losing value. Azerbaijan is part of this world; that is to say, it is not secluded from global economic processes which ultimately affect our country,” he noted.

According to Hasanov, just as President Ilham Aliyev noted, the government assess the aftermath of the drop in oil price as a test for Azerbaijan’s economy.

“The annual results reveal that Azerbaijan has managed to leave behind this test; despite revenues in the fuel-energy sector have decreased, the country’s dynamic development has not slowed down. In this case, economic diversification and the development of non-oil sector should be noted. Had such a decision not been made earlier and energy revenues not been invested in the development of non-oil sector, the situation could have been even worse. This is clearly indicative of the Azerbaijani president’s farsightedness, his proper assessment of global processes and having taken timely actions to protect our society from global threats,” stressed Hasanov.

He added that devaluation is a negative case in social terms and it is quite natural that our citizens’ financial condition has been affected.

“Nevertheless, the Azerbaijani government has not left this process on its own and has taken necessary actions to boost the population’s social protection. Efforts are still underway to stimulate domestic economy, strengthen the fight against corruption, bribery, etc, comprehensive support to entrepreneurship, prevent some people from abusing the current situation to their own advantage, help state agencies take tighten their control of this process,” noted the presidential aide.