CBA chair Elman Rustamov: If oil price returns to its normal level in a week, our losses to be negligible


March 13, Fineko/ There is a lot of talk about the economy of Azerbaijan these days.

Azerbaijan's foreign debt has fallen several times below our GDP over the last few years due to the work done, and we currently have a very conservative external debt.

ABC.AZ reports that the above-said statement was made by Central Bank’s chairman Elman Rustamov in an interview for TV channel Real TV.

According to the CBA’s chair, in general, this allows Azerbaijan to be very optimistic about the situation.

Rustamov noted that there are two approaches towards this situation: "If it is short-term for the macroeconomic balance, then since the beginning of the year the price of oil for Azerbaijan’s budget is $58. If the price of oil returns to its course within a week or 10 days, our losses will be miserable. Although the price of oil today is $34, as a whole, since the beginning of the year the price of oil has been quite high. This is scenario for a short-term period. Another scenario is that if the price of oil does not return to the level of $60 in the medium-term period, about which we are talking about, it goes into the range of $50, $40, $30. The economy of Azerbaijan has sufficient macroeconomic stability to ensure a balance in both intervals and maintain financial stability. There are quite good grounds for that."

By Elmir Murad