Azerbaijan's economic development requires reducing cash transactions

Azerbaijani economic development requires increasing the number of businesses and moving to non-cash payments, Tax Ministry official Akif Musayev said at seminar today.

"Since 2003, GDP increased by seven times, budget revenues - 12.8 times, tax revenues - by 6.6 times, investments - 3.4 times, cash income - by 5.3 times.

Daily investments in Azerbaijan are reaching 35 million manat, which puts the country in the list of fastest growing countries, Musayev said.

According to him, the country's GDP exceeds 50 billion manat and 14 billion manat are in circulation, 7 billion manat of which are in cash.

"Today, the share of non-cash payments to GDP in Azerbaijan is seven percent, while this figure stands at 40-45 percent in the Baltic countries, 32 percent in Russia, and 25 percent in Turkey," he said. He noted that this figure in Azerbaijan rose from two percent in 2005.


/Trend/