President of Azerbaijan Ilham Aliyev has given instruction to the Cabinet of Ministers to prepare a large-scale plan on privatization in the country with the engagement of international experts, APA reports.

This activity requires attracting foreign and local investors, as well as taking measures towards invigorating the economy and improving the business climate, Aliyev said at a consultation on a solution of socio-economic problems.

Aliyev also noted that despite the drop in oil prices by four times over a year, the republic experienced minimal losses as compared to other oil-mining countries.

According to him, preserving the manat rate at a stable level depends not only on the government. “Proposals on regulating the bank sphere are being considered. Measures on recovering the problematic banks, issuance of state obligations, and insurance of investments are important. This kind of measures will enhance the trust towards the national currency,” Aliyev said.   

According to him, considering the low level of foreign debt and the current situation, enough resources from the foreign financial market can be attracted to the Azerbaijani market.

On December 21, the Central Bank of Azerbaijan adopted a decision on letting manat float freely.