President: Azerbaijan to continue stimulate private sector, attract investments

  04 May 2015    Read: 901
President: Azerbaijan to continue stimulate private sector, attract investments
Azerbaijan will continue to stimulate the country`s private sector and attract new investments, said the country`s President Ilham Aliyev said at the 48th annual meeting of the Board of Governors of the Asian Development Bank in Baku May 4.

He said the diversification of the country`s economy will be in the center of attention, adding that the government will also try to keep Azerbaijan`s foreign debt as low as possible

President Aliyev also said that the macro-economic situation in the country will also be closely watched.

"We had to devaluate our national currency a couple of months ago because it gained a lot of weight," he said. "When we introduced the monetary reform, one manat (national currency) was equal to one US dollar, which wasn`t very natural."

"All the national currency of neighboring countries was already devaluated to a large degree, so we had to devaluate manat by 33-34 percent, taking into account that the daily consumption goods produced in the country wouldn`t impact the consumer prices."

Ilham Aliyev said that the rate will be kept under control, and Azerbaijan will also try to accumulate financial resources.

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