Media Review - October 26, 2019

The activities of the country's banks, discussion of the manat rate, and conditions for accelerating economic reforms are topics of today's media.

The newspaper Azerbaijan evaluates the activities of the banking system, helping the government to ensure the socio-economic development of the country.

The head of state criticized banks for preferring consumer loans rather than business loans. He also noted that commercial banks do not provide real assistance to the economy in terms of lending. In general, predatory credit policy serves only the corporate interests of banks and bankers.

The website Marja.az writes about the stable manat rate, which creates problems. Currently, the dollar supply on the foreign exchange market exceeds the demand by 1 billion. That is, this amount of the manat is not enough.

The Central Bank does not provide an opportunity to change the rate of the manat to the dollar. This increases the volume of unsold dollars. If the rate changes, the manat will significantly strengthen against the dollar.

The Yeni Musavat newspaper writes about economic reforms and impediments. Experts note that the reforms had to start in early 2000, when large oil revenues began to flow into the country. In this case, now there would be a completely different economic situation.

The current economic model in the country is rather primitive, there is a lot of dependence on oil, and the non-oil sector is not developed.

Favorable conditions for investment should be created in the regions. It is necessary to stop the interference of the heads of executive authorities in the activities of entrepreneurs, and such a thing as “bureaucratic business” should be eliminated.