Press Review 02/22/2016

The official newspaper Azerbaijan writes that the anti-crisis measures will be the impetus for the sustainable economic development of the country.

The newspaper also claims that, despite the global economic crisis, its impact on Azerbaijan is very small.

Azadlig writes about the beginning of the migration from the capital to the regions.

The population’s flow to the capital, which began in 1990s – 2000s, now has the opposite effect. In Baku, the process is felt in the real estate market, where tenants from the province leave their rented apartments.

An expert in the real estate market Rashad Guliyev noted that over the past few months, more than 10 thousand people have returned from the capital to the regions of the country.

In Baku about 30,000 apartments are rented. Since the beginning of the year 10% of them have been emptied. One of the reasons for the departure of people to the regions is the loss of jobs in the capital. The largest outflow is observed to the southern and western regions.

The urban planner Fuad Jafarli recalls that in the country there are 339 urban settlements and proposes to structure them as a city because urbanization cannot be avoided in the country.

Yeni Musavat writes that the international rating analysts give disappointing forecasts about the fate of Azerbaijani banks whose ratings are plummeting.

Fitch Ratings plans to arrange Azerbaijan's credit rating on February 26.

Standard and Poor’s reported still on January 29 that the credit position of Azerbaijan fell from the level of BBB- to BB +. The reason is the decline in oil prices and the reduction of foreign currency reserves.

The short-term local currency rating has been lowered from A-3 to B. And here the reason is reduction in the cost of oil.

On February 5 Moody’s lowered the credit rating of Azerbaijan to the Ba1 level. The above-mentioned international agencies believe that the association of banks will lead to concentration of capital, which means a lower capital base.