What is the main source of economic growth in Azerbaijan?
Q: What is the main source of economic growth in Azerbaijan?
A: The energy sector, based on large reserves of crude oil and natural gas, is the main source of economic growth in Azerbaijan today.
Q: How did Azerbaijan transition from a command economy to a market economy?
A: After gaining independence in 1991 with the end of the Soviet Union, Azerbaijan made the long and difficult change from a command economy to a market economy. The government has largely completed privatization of agricultural lands and small, medium and large state-owned companies.
Q: What are some organizations that Azerbaijan joined after gaining independence?
A: After gaining independence, Azerbaijan became a member of the International Monetary Fund, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the Asian Development Bank.
Q: What currency does Azerbaijan use?
A: The currency used in Azerbaijan is called Azerbaijani manat (AZN), which is divided into 100 qəpik. It became national currency in 1992 and replaced old Soviet ruble.
Q: What institution serves as central bank for Azerbaijan?
A: The Central Bank of Azerbaijan serves as central bank for Azerbaijan; it is responsible for printing and distributing national currency - Azerbaijani manat - as well as controlling all commercial banks.
Q: Who earns their income through agriculture in Azerbaian?
A: A third of people living in Azerbaian earn their income through agriculture.
Q: How many divisions does Azerbaijani manat have? A: Azerbaijani manat has 100 qəpik divisions.
