Economic history of Azerbaijan

Last updated

The economic history of Azerbaijan covers the development of the country's economy from its incorporation into the Russian empire at the beginning of the 19th Century, through the period of independence under the Democratic Republic (1918-1920), as part of the Soviet Union (1920-1991) and subsequent transition to the Republic of Azerbaijan (post 1992).

Contents

Azerbaijan's economy experienced a substantial decline with the collapse of the Soviet Union, losing over 60% of its GDP in its first year of independence. [1]

Azerbaijan Democratic Republic

The government of the Democratic Republic of Azerbaijan did a lot of work from 1918 to 1920 to restore the Azerbaijani economy, which faced a decline following the overthrow of tsarism.

In 1919 the State Budget of Azerbaijan amounted to 665 million manats. The bulk of it was replenished by selling oil and levying profit tax, which was 30% then. Other sources of fiscal revenues were excise taxes on the sale of wine, tobacco and oil.

The custom services, established in those years, contributed 100 million manats to the treasury. 15 million manats came from duties levied on free trade, freight and passenger transportation. In those years Azerbaijan was a more agrarian country, aimed mainly at animal husbandry. During this period the cattle reached 1 million heads, horses – 150 thousand heads, buffaloes – 300 thousand heads, camels – 12 thousand head, rams and goats 1.5 million heads. Bartering was common in trade and economic relations of the Republic: oil was given in exchange for imported goods.

Azerbaijan was paying for military goods, telephone sets, cars, 100 locomotives, 2 thousand tanks, 5 thousand closed wagons, food products of America, France, Italy and other countries mainly with oil, cotton, wool, silk and leather.

The export of Azerbaijani oil declined significantly following the revolution in Russia. Because of the closure of the northern market in 1919 only 600 thousand tons of oil were exported from the 3.6 million tons of oil produced. Exporting oil to Europe became possible only after the restoration of the Baku-Batumi oil pipeline in 1919 and construction of the Baku-Julfa railway.

In the years 1918-1920 the Democratic Republic of Azerbaijan made some changes in the administrative-territorial structure of the country and reorganized financial affairs of the country. [2]

Within the Soviet Union

Kaganovich Oilfield, Baku, 1940 Kaganovich Oilfield 1940.jpg
Kaganovich Oilfield, Baku, 1940

The shaping of economic structure of the country continued at a slow pace during 1920-1939. The primary economic sectors were oil, gas, chemical, light industries, food processing, machine building and metalworking.

In the first years after the Second World War, all the branches of the economy were adjusted to the requirements of the peacetime period. In 1948, the republic's industry produced more goods than in the prewar years. In 1950, the production of industrial goods increased by 39% compared to 1940. In the 1950s and 1960s, the development of Azerbaijan industry was intensified, regional and sectoral structures had been improved. The output of industrial goods increased by 5.5 times in comparison with 1940. 146 large industrial facilities, which amounted to 60% of all constructions, were built and put into production in the years between 1941 and 1970s. Major factories such as the plant for the production of pipes, aluminum and rubber synthesis in Sumqayit, the Ganja aluminum smelter, the Dashkesen ore purification plant, the Mingechaur hydroelectric power station, etc., were built and put into production for the Azerbaijani industry. Thereby the foundation was laid for the development of such industries as heavy industry, energy, chemistry, petrochemistry, oil refining, ferrous and non-ferrous metallurgy, instrument making and electrical engineering.

During these years, a lot of work was done in the direction of profitable placement of industrial sectors and facilities in the country, developing of the regions with a low standard of living, increasing the level of use of labor resources in small and medium-sized cities. [2] [3]

Republic of Azerbaijan

1990s

Since the country's independence in 1991, the Republic of Azerbaijan has embarked on an independent policy in the field of economy. After the dissolution of the Soviet Union, Azerbaijan's economy had been severely damaged. The poverty rate had reached 49% in 2001. Later Azerbaijan's gross national income (GNI) amounted to $7,350 (2013) per capita, GDP per capita to $7,912.5 (2013), and a poverty rate decreased to 5% in 2013. For a newly independent country with the economy mainly based on oil and gas industry, it was quite demanding to keep its say in the world of economic giants. The key objectives of the new and independent economic policy were establishment of the economic system built on the principles of several types of property, including private property, unlike the Soviet times, integration into the global economy and transition to market economy. [2] [4] [3]

During the first five years of independence, GDP per capita was only a little more than one third of what it was in 1989. With the poverty rate hitting 49% as of 2001 Azerbaijan started to engage in making progress in economic situation, and by 2013, GNI per capita rose up to $7.350 with $7.912 GDP per capita and only 5% unemployment rate. [2]

The exploitation of hydrocarbon resources has played a pivotal role in the economic development of Azerbaijan. The number of agreements with foreign companies and foreign investments had also contributed to the state's economy. Transition to market economy by adopting relevant reforms had also been one of the main objectives of the economic policy.

The first period of the economical development of Azerbaijan (from 1991-1995) can be described as the period of economic recession. The period after 1996 can be portrayed as the period of dynamic economic development.

Independence led to economic decline in Azerbaijan. Many factors caused GDP shrinking until 1996. The situation with Armenia aggravated the economic downturn.

In 1994, one of the important oil contracts was signed between Azerbaijan and 13 major oil companies, representing 8 countries of the world. This agreement went down in history as "the Contract of Century".

In the same year, the Presidents of the United States, Turkey, Azerbaijan, Georgia, Kazakhstan and Turkmenistan signed inter-State agreement on the construction of oil export pipeline Baku-Tbilisi-Ceyhan.

A contract was signed in Baku between BP, Statoil, LUKAgip, Elf Aquitaine (France) (now TOTAL), OIEC (Iran) (now NICO), TPAO and SOCAR on the promising structure of Shah Deniz gas condensate field in 1996.

In 1999, the Baku-Supsa oil pipeline was put into operation. The pipeline was built as part of the contract for the development of the Azeri-Chirag-Gunashli fields.Oil-gas sector contributed to the flourishing of other fields of economy. New reforms and measures were taken to reach macroeconomic and financial stability. During those years, Azerbaijan had joined different international institutions (IMF, World Bank, EBRD, Islam Development Bank, Asian Development Bank). The poverty rate had been decreased from 68% in 1995 to 29% in 2005 due to the economic growth.

2000s and later

The following years from 2003 till 2009 are characterized to be the boom years due to the oil exports at high prices. Since the economy of Azerbaijan, is oil-based one, meaning the main revenues are from oil exports, the fall in petroleum prices since 2010 has made a huge impact on overall economy. This, however, has positive sides to it as well. The fall in GDP and overall economy itself, has made the government realize the urgency of the diversification of the industry. If, for example, the revenues from oil exports accounted for 42% of value added GDP, [3] and 90.7% of total gross exports, in 2015, this number was only 34.3%. [4] In 2005, the government decided to revalue the manat at the rate of 5,000 to 1 new manat (AZN). [5] In 2005–2010 years average annual growth rates of "oil" GDP more than 3.5 times higher than the increase in "non-oil" GDP. The share of the oil sector in the country's GDP for this period rose from 39 to 60%. Bank loans and incentive measures of the government contributed to the rapid growth of non-oil industries. Significant growth in the construction industry and service sector led to the fact that in 2010, the non-oil sector of Azerbaijan's economy overtook the oil industry in terms of growth rates.

3 five-year programs related to the socio-economic development of the Republic of Azerbaijan were implemented in 2004-2013. These programs were aimed at economic diversification. "State Programs for Social and Economic Development for 2014-2018", "State Programs on Poverty Reduction and Sustainable Development in the Republic of Azerbaijan for 2008-2015", "State Programs for reliable food supply of the population of the Republic of Azerbaijan for 2008-2015" and a number of sectoral development programs were implemented to date.

As a result of reforms mainly involving institutional changes implemented recent years, business environment in Azerbaijan improved and the country ranked 25th among 190 countries in the Doing Business report 2019 of World Bank. [6] [7] [8] [9]

Oil industry

History

The history of the oil industry in Azerbaijan dates back to 1847, when the first oil well was drilled using a primitive percussion drilling mechanism, eleven years prior to the first oil well rilled in the US, Pennsylvania. Baku became a hub for world-scale industrial investment towards the end of the 19th century. [10]

During the Soviet period, Baku oil was the main source for WWII and for other industries, providing 75% [3] of the whole consumption. Oil tankers were filled and transported to their destinations through the Caspian Sea, which no doubt, had a vital role in WWII. However, wide-scale exploitation of the oil reserves for industrial reasons came only in the late 20th century.

Following the collapse of the Soviet Union, the oil production dropped dramatically mainly because of the conflict over Nagorno Karabakh with Armenia, out-of-date equipment and machinery. As a result of the successful oil and gas strategy implemented by the government, the fall of the oil industry was followed by a number of fruitful oil contracts. With the "Contract of the Century” signed in 1994, and the deal on Shah Deniz gas field in 1996 initiated an exceptional amount of international investment flowing into the oil-gas sector. $60 billion foreign investment flew into the oil and gas sector of Azerbaijan from 1994 to 2010. While the oil and gas revenues were anticipated to reach $200 billion by 2024, with the current economic crisis, oil prices, and the devaluation of manat (currency of Azerbaijan), the expectations seem to be difficult to implement. [2] [11]

Oil strategy plan

As mentioned above, during the first years of independence when the new oil reservoirs were uncovered, foreign companies were interested in signing contracts to their benefit. [12] In fact, almost all of them were not in favor of Azerbaijani people. In 1993, with the return of Heydar Aliyev to power, the talks that were going on since 1980s resumed and finally after long talks and negotiations Azerbaijan agreed to the terms of oil exploitation that actually reflected the nation's interests.

The biggest oil contract [13] signed in Gulustan palace in Baku with the Western companies on September 20, 1994, was a turning point in the history of oil industry of Azerbaijan. One of the key objectives of the oil strategy was to establish petro-chemical and oil refineries, the building block of the national economy which were founded not long after the “Contract of the Century”. [13]

Economic reforms

Price liberalization

First economic reforms started in the early stage of independence, namely 1991–1993 with the liberalization of price policy and foreign economic activities. [14] About 70–80% of consumer and producer prices were already deregulated by January, 1992 following further price liberalization rounds in April, September, and December in the same year. [15]

The price liberalization resulted in sudden inflation in living expenses, important consumer goods and commodities. Official records show that average living expenses surpassed average income by approximately 50%.

  1. The price of consumer goods increased in 1991 by 2.07 times against figures of 1990, and was growing in several times every year (10.12% times in 1992, 12.3 times in 1993, 17.63 times in 1994).
  2. By the end of 1993, it was reported that the minimum weekly wage would not even buy one loaf of bread and that hundreds of thousands of refugees in Azerbaijan "simply face starvation," a situation that heightened social and political instability. [15]

Privatization

Second most important step was the privatization law that was passed in January 1993 to support the exuberant small-scale private economy which was in a desperate need of legitimizing its business ventures and operations. The policy was designed to encourage privatization of small bulk-sale business establishments, as well as large-scale and medium companies by auctions and joint stock procedures. Retail businesses were planned to be fully privatized by the end of 199, although the process prolonged. Privatization of housing was planned to be implemented by transferring the property ownership to the current residences. [3] [15] [16] [17]

Budget

After the collapse of the Soviet Union, Azerbaijan, as all the other post-Soviet countries, started to experience the burden of losing government subsidies. So in an effort to aid the budget the government introduced excise taxes and value-added tax (VAT) as alternatives to sales and turnover taxes in early 1992. [18]

The main sources of the budget deficit were from pay rises (increases in wages) and from military and social expenses related to the conflict in Nagorno Karabakh, mainly its defense and increasing refugee expenses. Large increases in defense and wartime expenditures (from 1.3 percent of GDP in 1991 to 7.6 percent in 1992) considerably reduced expenditures for government subsidies for consumer goods, especially in bread and fuels, as well as government investment and supplementary funding for organizations. Increasing wages of civil servants was one of the reasons of the budget deficit in 1992. [18] [19]

Azerbaijan introduced manat - its own currency in mid-1992. In 1994 the currency was classified as a “soft currency” and therefore non-convertible at that time. [18]

Banking

During the Soviet period and the period following its collapse, Azerbaijani banks were still dependent on Russian banks in terms of funding. Bank funds were spread in accordance with a single state plan, and government banks had little contribution when it came to the raising or allocation of funds. National Bank of Azerbaijan (NBA) was established in early 1992, with former Soviet banks, namely State Bank, the former USSR Industrial-Construction Bank, Azerbaijani bank of Agro-Industrial Bank of the USSR – being incorporated into the NBA. The name was then changed into Central Bank of the Republic of Azerbaijan with the referendum act on March 18, 2009. [20]

NBA became one of the top level authorities in the new banking system and among the commercial banks (both state- and privately owned) with the Law on Banks and Banking Activity and the Law on the National Bank adopted in 1992. The Central Bank of Azerbaijan is the mere authority regulating the private and state-owned banks and funds at present. [20]


See also

Related Research Articles

<span class="mw-page-title-main">Economy of Azerbaijan</span>

The economy of Azerbaijan is highly dependent on oil and gas exports, in particular since the completion of the Baku-Tbilisi-Ceyhan Pipeline. The transition to oil production in the late 1990s led to rapid economic growth over the period 1995–2014. Since 2014, GDP growth has slowed down substantially.

<span class="mw-page-title-main">Economy of Armenia</span>

The economy of Armenia grew by 12.6% in 2022, according to the country's Statistical Committee and the International Monetary Fund. Total output amounted to 8.5 trillion Armenian drams, or $19.5 billion. At the same time, Armenia's foreign trade turnover significantly accelerated in growth from 17.7% in 2021 to 68.6% in 2022. GDP contracted sharply in 2020 by 7.2%, mainly due to the COVID-19 recession and the war against Azerbaijan. In contrast it grew by 7.6 per cent in 2019, the largest recorded growth since 2007, while between 2012 and 2018 GDP grew 40.7%, and key banking indicators like assets and credit exposures almost doubled.

<span class="mw-page-title-main">Economy of Georgia (country)</span>

The economy of Georgia is an emerging free market economy. Its gross domestic product fell sharply following the dissolution of the Soviet Union but recovered in the mid-2000s, growing in double digits thanks to the economic and democratic reforms brought by the peaceful Rose Revolution. Georgia continued its economic progress since, "moving from a near-failed state in 2003 to a relatively well-functioning market economy in 2014". In 2007, the World Bank named Georgia the World's number one economic reformer.

<span class="mw-page-title-main">Economy of Kyrgyzstan</span>

The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.

<span class="mw-page-title-main">Economy of the Republic of the Congo</span>

The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.

<span class="mw-page-title-main">Economy of Senegal</span>

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.

<span class="mw-page-title-main">Economy of Yemen</span>

The economy of Yemen has significantly weakened since the breakout of the Yemeni Civil War and the humanitarian crisis, which has caused instability, escalating hostilities, and flooding in the region. At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, Yemen has relied heavily on aid from multilateral agencies to sustain its economy for the past 24 years. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms: reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.

<span class="mw-page-title-main">Economy of Mozambique</span>

The economy of Mozambique is $14.396 billion by gross domestic product as of 2018, and has developed since the end of the Mozambican Civil War (1977–1992). In 1987, the government embarked on a series of macroeconomic reforms, which were designed to stabilize the economy. These steps, combined with donor assistance and with political stability since the multi-party elections in 1994, have led to dramatic improvements in the country's growth rate. Inflation was brought to single digits during the late 1990s, although it returned to double digits in 2000–02. Fiscal reforms, including the introduction of a value-added tax and reform of the customs service, have improved the government's revenue collection abilities.

A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than by a central planning organization. In addition to this trade barriers are removed, there is a push to privatize state-owned enterprises and resources, state and collectively run enterprises are restructured as businesses, and a financial sector is created to facilitate macroeconomic stabilization and the movement of private capital. The process has been applied in China, the former Soviet Union and Eastern bloc countries of Europe and some Third world countries, and detailed work has been undertaken on its economic and social effects.

<span class="mw-page-title-main">Central Bank of Azerbaijan</span> Monetary Authority of Azerbaijan

The Central Bank of Azerbaijan is the central bank of Azerbaijan Republic. The headquarters of the bank is located in the capital city Baku.

The economic history of the Republic of Turkey had four eras or periods. The first era had the development policy emphasizing private accumulation between 1923 and 1929. The second era had the development policy emphasized state accumulation in a period of global crises between 1929 and 1945. The third era was state-guided industrialization based on import-substituting protectionism between 1950 and 1980. The final, era was the opening of the economy to liberal trade in goods, services and financial market transactions since 1981.

<span class="mw-page-title-main">Economy of Algeria</span>

The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.

<span class="mw-page-title-main">Economy of Belarus</span>

The economy of Belarus is an upper-middle income mixed economy. As a post-Soviet transition economy, Belarus rejected most privatisation efforts in favour of retaining centralised political and economic controls by the state. The highly centralized Belarusian economy emphasizes full employment and a dominant public sector. It has been described as a welfare state or market socialist. Belarus is the world's 74th-largest economy by GDP.

The economic history of Ecuador covers the development of Ecuador's economy throughout its history, beginning with colonization by the Spanish Empire, through independence and up to the 21st century.

After the dissolution of the Soviet Union in 1991 and the end of its centrally-planned economy, the Russian Federation succeeded it under president Boris Yeltsin. The Russian government used policies of shock therapy to liberalize the economy as part of the transition to a market economy, causing a sustained economic recession. GDP per capita levels returned to their 1991 levels by the mid-2000s. The economy of Russia is much more stable today than in the early 1990s, but inflation still remains an issue. Historically and currently, the Russian economy has differed sharply from major developed economies because of its weak legal system, underdevelopment of modern economic activities, technological backwardness, and lower living standards.

Two-thirds of energy in Azerbaijan comes from fossil gas and almost a third from oil. Azerbaijan is a major producer of oil and gas, much of which is exported. Most electricity is generated by gas-fired power plants. Energy is all types of energy products, including fuel, renewable energy, water energy, electrical and heat energy.

The tax legislation of Azerbaijan is comprised by the Constitution of Azerbaijan Republic, the Tax Code and legal standards which are adopted herewith. The taxes levied in Azerbaijan can be generally broken down into 3 main types: state taxes, taxes of autonomy republic and local (municipal) taxes. State taxes include the following: personal income tax, corporate tax, value added tax, excise tax, property tax, land tax, road tax, mineral royalty tax and simplified tax. Taxes of autonomy republic are the same as state taxes but levied in Nakhichevan Autonomous Republic.

<span class="mw-page-title-main">Mikayil Jabbarov</span> Azerbaijani politician

Mikayil Chingiz oghlu Jabbarov is an Azerbaijani politician who is the current Minister of Economу of Azerbaijan

Privatization in Azerbaijan is the process of transferring state properties to private owners. After Azerbaijan attained independence in the aftermath of the Soviet Union's collapse, the new government undertook privatization as part of its shift towards a market economy. This privatization effort was undertaken amid widespread corruption.

<span class="mw-page-title-main">Economy of Guba</span>

Guba is a district found along the Guba-Khachmaz economic region spanning 7.66 thousand km2 in the north-east of Azerbaijan. The currency of Azerbaijan is the manat. The region is rich with natural resources, including natural gas, oil, sand, gravel and combustible shale.

References

  1. ↑ Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. p. 56. doi:10.7312/alts70456. ISBN   978-0-231-70456-4. JSTOR   10.7312/alts70456.
  2. 1 2 3 4 5 "GENERAL INFORMATION ON AZERBAIJANI ECONOMY". Archived from the original on 2018-06-20. Retrieved 2018-03-21.
  3. 1 2 3 4 5 "Azerbaijan economy".
  4. 1 2 "Azerbaijan Economy Since Independence; Independent View" (PDF). Cesd.az. Retrieved 23 February 2019.
  5. ↑ "Exchange rate Azerbaijan Manat (AZN) - Convert Azerbaijan Manat to Eur, USD and other currencies". www.fx24converter.com. Retrieved 2020-09-04.
  6. ↑ World Bank (2018). Doing Business 2019 (PDF). World Bank Publications. pp. 5, 11, 13. ISBN   978-1464813269.
  7. ↑ "Doing Business 2019: A Year of Record Reforms, Rising Influence". World Bank. Retrieved 2018-11-02.
  8. ↑ RICHARD HIAULT (31 October 2018). "Vie des affaires : la France perd encore du terrain - Les Echos". Lesechos.fr (in French). Retrieved 2018-11-02.
  9. ↑ World Bank (2017). Doing Business 2018 (PDF). World Bank Publications. p. 4. ISBN   978-1464811470.
  10. ↑ "Analysis of Azerbaijan Oil and Gas Sector" (PDF). Usaee.org. Retrieved 23 February 2019.
  11. ↑ "Status of Azerbaijani Offshore Oil and Gas PSAs as of December 2009". The Azeri Times. December 25, 2009.
  12. ↑ "AZERBAIJANI OIL". Azerbaijan.az. Archived from the original on 2009-05-17. Retrieved 2017-09-05.
  13. 1 2 "Administrative Department of the President of the Republic of Azerbaijan : Presidential Library" (PDF). Files.preslib.az. Retrieved 23 February 2019.
  14. ↑ "Economic reforms". Azerbaijan.az. Archived from the original on 2009-05-17. Retrieved 2017-09-05.
  15. 1 2 3 "Azerbaijan Price Liberalization - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System". photius.com. Retrieved 2017-09-05.
  16. ↑ "ECONOMIC REFORMS". Azerbaijan.az. Archived from the original on 2009-05-17. Retrieved 2017-09-05.
  17. ↑ Orfanò, Luca. "Azerbaijan towards the Market Liberalization with a Focus on the Role of Industrial Resources".
  18. 1 2 3 Curtis, G. E.; Federal Research Division (1995). "Armenia, Azerbaijan, and Georgia : country studies". The Library of Congress. Retrieved 2017-09-05.
  19. ↑ "Azerbaijan The Budget - Flags, Maps, Economy, History, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System". photius.com. Retrieved 2017-09-05.
  20. 1 2 "Central Bank of the Republic of Azerbaijan - History". en.cbar.az. Archived from the original on 2013-06-09. Retrieved 2017-09-05.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.