Economy of Azerbaijan
economy of the country / From Wikipedia, the free encyclopedia
The Economy of Azerbaijan is based on industry, agriculture, and on services including tourism. The energy sector based on the large reserves of crude oil and natural gas, is the main source of economic growth in Azerbaijan today, though half of the Azerbaijani people earn their income directly or indirectly through services and a third earn their income through agriculture.[1] The energy boom has led to massive foreign direct investment and the growth rate of the Azerbaijani economy is one of the world's highest.[2]
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 stateowned companies. Azerbaijan is still making economic reforms. With 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. Azerbaijan's currency is the Azerbaijani manat which is divided into 100 qəpik. It became the national currency in 1992 and replaced the old Soviet ruble. The Central Bank of Azerbaijan was created in 1992 as Azerbaijan's central bank. It is responsible for printing and distributing the national currency, the Azerbaijani manat, and controlling all commercial banks.[3]