Elman Rustamov about the fate of manat in 2016 - OFFICIAL

Tue 22 Dec 2015 02:37 GMT | 06:37 Local Time

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Azerbaijan restricts the import of luxury goods.

The situation with the foreign exchange balance in Azerbaijan was very tense. On the other hand, we are implementing a number of important projects. In such a situation, the  stressful balance of foreign exchange stipulated the conditions for the adoption of such measures.

According to Oxu.Az the statement came from the head of the Central Bank of Azerbaijan Elman Rustamov speaking on AzTv channel.

"We believe that this step should lead to a significant reduction in imports. The economy needs to face the process increasing exports and reducing imports," Rustamov said.

The head of the Central Bank also spoke on the import of luxury goods to the country:

"In particular, we believe that Azerbaijan should adopt a policy of duty on imports of luxury goods. Such measures exist in many countries, for example Turkey. And we must do this to protect our markets.

We should be engaged in this kind of import restriction with the economic methods. If someone wants to import such goods, he must pay a fee and the fee will go to the state budget.

We have significant opportunities in this area. Additionally, it is necessary to take measures to stimulate exports. We think in this direction. Ministry of Economic Development is working on comprehensive measures and programs in the direction of granting cheap credits to exporters, the determination of other benefits.

In general, from a macroeconomic point of view, these steps, including exchange rate policy, stimulation of exports, import restriction, will lead to a stabilization of the external balance of Azerbaijan and will also create an additional incentive for national exporters," Rustamov said.

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