Press Review - 10/09/2016

The focus of today's press is economic development, the situation on the eve of the rally of the National Council of Democratic Forces on 11 September, the social situation of the population, and the problem of non-performing loans.

The Azerbaijan newspaper comments on the most recent trip of President Ilham Aliyev to the southern and northern regions of Azerbaijan in a voluminous material under the title New Stage in Regional Development (http://www.azerbaijan-news.az/index.php?mod=3&id=104849).  

The newspaper Azadlig (electronic version), in turn, focuses on the upcoming September 11 opposition rally and heralds its mass character (http://www.azadliq.info/156268.html).

‘The Azerbaijani people have a historic choice. The political team that has usurped power tends to legitimize the dynastic regime,’ the newspaper says.

The author points to the support of the rally by other opposition forces. According to the newspaper, the authorities are concerned about the rally and the police appear with alarming rhetoric on the eve. The concern is also due to the difficult economic situation in the country.

The newspaper Echo publishes material with the views of experts on the material and social status of the population (http://www.echo.az/article.php?aid=105387).

‘About 15% of the Azerbaijani population own from 100 thousand to 1 million dollars. 5% of the citizens of Azerbaijan have assets over $ 1 million. 30% of the Azerbaijani population has assets of 10 thousand to 100 thousand dollars. 10% of citizens do not have any sort of assets, even the "dead capital." These people live for years in rented apartments, from paycheck to paycheck, while the remaining percentage of people has assets that do not exceed 10 thousand dollars,’ said, in particular the Chairman of the Sustainable Development Research Center, Nariman Agayev.

Azerbaijan has more and more citizens who are unable to set aside money as savings. To date, the total number of able-bodied citizens and pensioners is about 3 million. These people live from paycheck to paycheck, in turn, said independent economist, Doctor of Economic Sciences Oktay Hagverdiyev.

Problem loans are growing, AZN is becoming cheaper, and the confidence in banks is falling, Novoye Vremya writes (http://www.novoye-vremya.com/w66293/.../#.V9Malyh97IU).

In Azerbaijan, the total amount of non-performing loans is 1,504.4 million manats as of August 1, 2016, the author notes. The article focuses attention on the devaluation of the manat and deficit of USD in recent days.

The Financial Markets Supervision House as if washed its hands about the issue of problem loans and cheapening of the manat, the author writes. The Central Bank actually did the same. Both of these structures were powerless in the face of imminent danger. And this danger should not be underestimated. The financial crisis continues to suck in the country's banking system. And if the situation is not changed in the near future, we will again be faced with an increasing number of bad loans, shortage of foreign currency, the devaluation of the manat, the threat of a sharp devaluation and, consequently, the economic recession. Is the Cabinet aware of how serious the current situation is?’ the article concludes. -0-