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Friday, August 18, 2017

Azerbaijani central bank head hosts Hungarian business delegation

Governor of the Central Bank of Azerbaijan Elman Rustamov recently received a delegation from the Hungarian Business Leaders Forum, led by its president, Borbala Czako.

Rustamov provided in-depth information on economic growth in Azerbaijan, development of the financial and banking system, and the country's future growth priorities. He said the military, political and socioeconomic chaos of the post-Soviet era has been overcome.

From independence through 2003, Rustamov said, the country made significant changes on the road to a market economy. It also implemented banking reforms that have given rise to a stable and sustainable financial-banking system.

Since 2003, the banking sector has significantly developed and the country has seen strong economic development and growth, he said, pointing to the country's ability to weather the global financial crisis.

Moving forward, Rustamov said, the concept of "Azerbaijan - 2020: Look into the Future," approved by President Ilham Aliyev, will determine long-term national development, which aims for double economic growth over the next decade.

The key idea of the new strategy is to join the club of high-income nations and provide the highest living standards for the population, he said.

Rustamov also spoke about bilateral economic relations between Azerbaijan and Hungary and expressed his deep confidence in their future development.

Czako provided details about the Forum's activities and said he was looking forward to closer cooperation with Azerbaijan.