(MENAFN- Trend News Agency ) BAKU, Azerbaijan, July 24
Inflation in Azerbaijan is within the acceptable range of 4.3 percent, which I think is a good indicator, President of Azerbaijan Ilham Aliyev said in an interview to Azerbaijan Television, Trend reports.
“Our foreign exchange reserves have grown. In six months, they increased by $1 billion. But this growth could have been even greater, because a part of our reserves is kept in various currencies, including the majority in euros and dollars. Changes in the exchange rate have affected our absolute figures. If it hadn't been for these changes and the decline in gold prices – because we have fairly large reserves invested in gold – the growth would have amounted to $1.7 billion," said the president.
"We actually earned so much extra money, but the difference in the exchange rate and the price of gold are temporarily affecting it. What does this mean? Even though we are carrying out large-scale reconstruction work, we are rapidly restoring Karabakh and Eastern Zangazur, not only have our foreign exchange reserves not reduced, but we have even increased them and not applied for any loans. This suggests that we have resources, a resource base. At the same time, it shows that we are spending our funds very carefully, not allowing waste and unnecessary expenses. The once uncontrolled spending is a thing of the past now, all government officials must and do follow my instructions because we must save every single manat," President Aliyev noted.
"Public investment will not be provided for unnecessary and unbeneficial projects, projects implemented to create a vision or for the sake of some other interests. Everyone knows that. So the growth of foreign exchange reserves is also a very important issue. The more currency we have, the more confident we feel,” the head of state said.
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