Azerbaijani President: We will certainly try to minimize the implications of the falling oil price

16:41 24 Dekabr 2015
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Baku, December 24, AZERTAC
“I personally believe that the sharp drop of the oil price does not have natural and economic grounds. It is true that the global economy underwent a slight decline. The pace has gone down a little, but not enough to reduce the oil price threefold in one year. I personally believe that this is a deliberate policy. And the goal of this policy is no secret for anyone. Azerbaijan is simply suffering from this situation. Despite this, we will certainly try to minimize the implications of this situation. The falling oil price, the sharp devaluation of national currencies of our major trading partners and other factors led to the inevitability of such a decision,” President Ilham Aliyev has told a ceremony dedicated to the country`s sport results in 2015.
“In the current circumstances the main objective of the Government is to ensure macroeconomic stability and the normal rate of inflation. At the end of this year, inflation is less than 4 per cent. We need to try to keep it at the lowest level next year too.”
“In recent years, we have attached great importance to local production, allocated funds to both public and private sectors. The vast majority of food products are produced in Azerbaijan. Therefore, prices on the food produced in Azerbaijan should remain stable. The same applies to building materials,” the President said.