An IMF delegation led by the head of the mission on Azerbaijan, Muhammad el Gorchi, issued a statement summarizing the results of its visit to Baku, held from January 28th to February 3rd.
The document notes that Azerbaijan's economy has had to face a number of difficulties due to the significant drop in oil prices, a slowdown in economic growth and the devaluation of the national currencies of its trading partners.
In particular, against the background of a reduction of reserves and a strengthening of external shocks, the CBA had to devalue the national currency, which allowed it to improve the country's competitiveness.
"Then the Central Bank created conditions for extending the flexibility of the exchange rate, conducted measures to prevent the export of capital from the country, began merging and eliminating a number of problem banks,"1news.az cites the statement.
