"Azerbaijan conducts adequate policies to neutralize global crisis"

Azerbaijan carried out an adequate policy to neutralize the impact of the global financial crisis on the country’s economy and to ensure economic stability in 2010, Prime Minister Artur Rasizade said in parliament on Tuesday.

"The monetary policy pursued in the country in 2010 ensured a stable exchange rate and controlled inflation at a low level," he said.

He added that bank loans to individuals and legal entities rose by 9 percent to 9.2 billion manat. Of these, 72% fell to long-term loans. The country’s strategic currency reserves increased significantly, reaching nearly $30 billion in 2010.

During the reporting period, Azerbaijan provided concessional financing to businesses to form a strong entrepreneurial base. The National Fund for Entrepreneurship issued concessional loans worth 115 million manat to 1,430 entities in 2010.


/Trend/