Press Review - May 29

Creation of the first republic in the East and a look at oil prices are the leading topics of today's press

The newspaper Azerbaijan writes about the history of the creation of the first Muslim republic in the East in connection with the 100th anniversary of the Azerbaijan People"s Republic (APR). The author makes a historical excursus. Whereas Azerbaijan entered the tsarist Russia in the form of separate khanates, then it came out of its composition as a single state in 1918. The population of the then country was about 8 million people, 50% of whom were Azerbaijanis, and the remaining 50% were settlers.

The newspaper Novoye Vremya published an article entitled Mind Must Prevail over Greed. We are talking about oil prices and the profitability of oil, and the dependence of the economy on the oil factor, which was confirmed by the rating agency Moody's.

Azerbaijan still strongly depends on oil exports. The oil and gas sector accounts for over 70% of industrial production, 90% of exports and about 60% of government revenues. In the matter of developing non-oil sectors of the economy, the country is marking time.

The Yeni Musavat newspaper writes that banks are the primary problem of the economy. The lack of the banks' ability to issue loans is due to the lack of liquidity opportunities. Banks are currently engaged in self-insurance. The activity of attracting deposits and putting them into circulation is equal to zero. To exit the situation, first of all, it is necessary to solve the problem with problem loans, experts say. -0 ----