President: 'The banking sector was the most severe blow to our economy'

"We have to save foreign exchange reserves this year."

“Despite the sharp decline in oil prices, we were able to save foreign exchange reserves, including reserves of the Oil Fund. We have to save foreign exchange reserves this year and I'm sure that would achieve growth of foreign exchange reserves”, President of the Republic of Azerbaijan Ilham Aliyev said at the meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of 2016 and objectives for the future, APA reports.

The Head of State noted that important steps were taken last year to improve the state of the banking sector, control measures were tightened to ensure transparency, as well as penalties and administrative measures have been taken: “The most severe blow to our economy was the banking sector. Therefore, this year will also see serious steps to rid the sector, increase transparency, bring into line with international standards. Serious struggle against violators of the law will be carried out in the future, too”. (News.az)