Press Review 06/06/2017

The development of industry in the country, the situation in banks, and the uncertain future of oil prices are the leading topics of today's press.

The Azerbaijan writes about the successful modernization of the industry, making important decisions in this area, including the creation of industrial zones and parks.

The Echo writes about the banking crisis, which has become chronic. Until banks give out loans to the population at the reasonable interest, talks about their activation are senseless. However, due to the unstable manat rate, this process does not begin.

According to the Financial Market Supervision Authority, for 4 months of 2017 the number of bank employees decreased by 733 people. Commercial banks are taking tough measures to cut costs and gain profits. The volume of lending is declining, and the population continues to withdraw funds from banks.

The Novoye Vremya writes about the decline in the role of oil in the country's economy. It is possible that the reduction in production will exceed 20 thousand barrels per day. Today, Azerbaijan uses mostly old deposits.

Due to these deposits, more than 400 million tons of oil has been produced. In recent years, Azerbaijan has not discovered any large deposits and production volumes continue to fall. -0-

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