Minister: Energy market fluctuations don't pose threat to Azerbaijan's macroeconomic stability

No significant increase or decrease in Azerbaijanchr("39")s financial flows and investment attractiveness is expected amid price fluctuations in the global energy market, Economy Minister Mikayil Jabbarov said in an interview with CNN Business Arabic, Olaylar informs.

The minister noted that Azerbaijan has not built its political or economic development strategies on the rise in energy prices: "Azerbaijan is a factor of stability in the region. Trade activity is very important for us. However, in the energy sector, we are a country that produces, not trades. From this point of view, we benefit not from price jumps but from more predictable and stable market conditions. The rise in energy prices does not fundamentally change Azerbaijanchr("39")s position. Our macroeconomic and macrofiscal situation is very strong."

According to Jabbarov, Azerbaijanchr("39")s strategic foreign exchange reserves are currently equal to approximately 100% of GDP: "In the current circumstances, the statechr("39")s main funds are directed to the restoration of territories liberated from occupation, ensuring the early return of internally displaced persons to their native lands, and building the infrastructure of cities and villages. We are determined to make the Azerbaijani economy more sustainable and stable."