Finance

Finance

Azer Bayramov: â€˜Azerbaijanâ€™s insurance market rose 40-50% within the last 2 yearsâ€™

28 June 2012 09:45 (UTC +04:00)

Baku. Nijyat Mustafayev â€“ APA-Economics. Insurance sector of Azerbaijan has developed rapidly within the last 2 years, Said Deputy Finance Minister of Azerbaijan Azer Bayramov, APA reports.

Speaking about the works carried out in insurance sector of the country, Bayramov noted that during this period, two important laws were made in compulsory insurance sphere: â€˜Within the last 2 years, Azerbaijanâ€™s insurance market rose approximately 40-50%. Growth rates of this sphere exceed the total growth rate of countryâ€™s non-oil sector by 5-6 timesâ€™.

Besides, Deputy Minister explained also the situation connected with foreign public debt of Azerbaijan: â€˜Azerbaijan approaches the management of foreign public debt conservatively. Current public debt does not exceed GDPâ€™s 8%â€™.

Bayramov expressed that the funds of SOCAR played the role of buffer: â€˜Within the last 6-7 years, the budget financing has not faced unstable cases. Moreover, at present, automation of treasury system is being realized in the countryâ€™.