ADB: Confidence in the Azerbaijan national currency continued to firm
  • ECONOMY

  • 16:48 03 April 2019

ADB: Confidence in the Azerbaijan national currency continued to firm

Confidence over the strengthening of Azerbaijani national currency continues, ONA reports referring to the Asian Development Outlook 2019 of Asian Development Bank (ADB).

Confidence in the Azerbaijan manat continued to firm, as indicated by the share of local currency deposits rising from 27.6% at the end of 2017 to 34.6% a year later, and the share of local currency loans rising from 59.1% to 62.0%.

With greater exchange rate stability and more consumer confidence, the supply of credit grew by 10.7%, reversing 28.5% contraction in 2017. The current account surplus was estimated to have nearly doubled from the equivalent of 3.6% of GDP in the first 9 months of 2017 to 6.9% in the same period of 2018.

Higher oil prices raised the full-year trade surplus to 16.0% of GDP and doubled export growth from 17.9% in 2017 to 35.9% as hydrocarbons continued to account for more than 90% of all exports, with other exports expanding as well.

Ilkin Jalilov

Tags: ADB Economy

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