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Azerbaijan’s strategic currency reserves up $1 billion in January-September

17 October 2009 09:46 (UTC +04:00)

Shah Mustafayev said in his report that inflation was 2.1%, average monthly salary increased by 15.5%, personal incomes by 9.8%, income per capita by 8.4%, paid services by 12,5%.

The Minister said the country’s banking sector saw growth against the backdrop of the global financial crisis.

"Our measures provided for the stability of the manat, and strengthened public confidence in banks. As a result, the volume of bank deposits increased by 11% year-on-year to 2 billion manats, the amount of lending rose by 18.2% to 7.6 billion manats. During the nine months in the sectors of industry, agriculture and services, 74 new enterprises were constructed and 173 enterprises are under construction. 48 million manats was allocated as soft loan from the National Fund for Entrepreneurial Support for construction of 15 cold storage facilities and 21 granaries,â€ he added.

He also added that 1700 businesses were granted 100 million manats in soft loans during this period, up 1.4 times from a year ago.

99% of funded projects are in the provinces, he added.