Press Review 06/09/2016

The strategy of economic development of the country, the expected price increase, the rising prices of cigarettes, and the situation in the banking sector are the leading topics of today's press.

The official newspaper Azerbaijan writes about the national development strategy in the times of crisis. The author believes that by the application of the right strategy in the crisis we can achieve prosperity. As an example, he refers to the United States and Japan, who were able to cope with their problems in the time of deep depression.

The author believes that Azerbaijan is moving towards effective reforms, creating its own model of development. The author mentions the recent visit of the President to the southern region, which is regarded as a regional development strategy in the crisis conditions.

Azadlig (electronic version) writes about the expected sharp rise in prices in the country. With reference to the well-known rating agency Mood Investor Service, it reports on the termination of exports from the country, while wholesale centers refuse to give their goods for shopping.

Among the former Soviet republics the biggest financial crisis is observed in Azerbaijan. The article referring to fins.az states that the monetary policy implemented in the country is not justified. As a result of the devaluation, a sharp rise in prices and shortage, the situation will be difficult, the experts say.

Echo has published an article entitled How to Save Banking Sector of Azerbaijan? Local experts argue on this topic. In their opinion, it is necessary to limit lending in foreign currency, allowing it only for import operations. Secondly, the Central Bank has to conduct its operations on a floating rate of USD / AZN. Thirdly, the limits on the open currency position should be restored. And fourthly, radical measures should be taken to eliminate the "black market".

It is also necessary to tighten the work of banks, so that they are not engaged in speculation.

Novoye Vremya has published an article entitled Tobacco Market Reeling. The article says the price of tobacco was increased twice last week. Like a week ago, no one calls the reasons for such a sharp rise in the price of cigarettes. The traders refer to the suppliers, and those refer to the economic difficulties, namely to the reduction in the value of the manat against the US dollar.