The prospects for diversifying Azerbaijan's economy largely depend on reforms planned for 2027-2030. Monetary policy can support this process, but cannot ensure it on its own.
This was stated by Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), in an interview with Global Finance magazine, FinFly reports.
According to him, economic diversification requires price and exchange rate stability, maintaining a sound banking system, and creating a market environment that would allow long-term savings to be channeled into productive investments.
"The CBA's main task is to ensure macroeconomic and financial stability," Kazimov emphasized.
The regulator's head said that in the first half of this year, the non-oil sector's share in Azerbaijan's economy was about 70%. During this period, growth in transport and logistics reached 8%, in information and communications 7.5%, and in non-oil industry 4.1%. Construction saw a 13% decline.
Investments in the non-oil sector increased by 5.5% in the reporting period.
"This growth was mainly driven by a 20.8% increase in private sector investments. Public investments, meanwhile, decreased by 3.8%," the CBA Chairman noted.
