Azerbaijan’s financial flow experiencing substantial growth


BAKU: The financial flow in Azerbaijan reached 26.5 billion manat, or $15.59 billion, in the second quarter of this year, up 18.8 percent compared to the same period last year, Trend reports.

According to the Central Bank of Azerbaijan, the sectors of public administration and defense (27.9 percent), wholesale and retail trade (15.1 percent), and construction (11.7 percent) constituted the largest share of total revenues last quarter.

In the past year, the sectors of public administration and defense contributed 1.6 billion manat, or $941.17 million, to revenue growth, while construction contributed 722.8 million, or $425.17 million, significantly bolstering overall revenues.

The National Bank of the Republic of Azerbaijan was established by the Decree of the President of the Republic of Azerbaijan “On Establishment of the National Bank of the Republic of Azerbaijan” dated February 11, 1992. It was later renamed the “Central Bank of the Republic of Azerbaijan” following the enactment of the Referendum Act
“On Amendments and Additions to the Constitution of the Republic of Azerbaijan” on March 18, 2009.

The primary objective of the Central Bank is to uphold price stability within the framework of its legal mandate.

Source: Trend News Agency