Baku – APA-Economics. While the economic situation in Azerbaijan, a post-Soviet Russian republic that has been going through a currency crisis, was difficult, the situation was not critical, Fitch senior director Paul Gamble said on Wednesday, APA-Economics citing to CNBC.
"The fact the government still has these very large foreign assets is important for the rating," he said.
The assets of Azeri state oil fund SOFAZ grew by 4.6 percent to $35.1 billion in the first six months of this year, according to the most recent data. Last week, the central Bank of Azerbaijan increased the discount rate to 15% as a part of struggling against the inflation: “After this, the commercial banks lifted their restrictions in sale of foreign exchange due to the shortage of foreign currency.”
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