Press review July 23, 2018

The successes of the last six months, the absence of a decline in the loan interest, the reasons for increasing the retirement age are the leading topics of today's press.The newspaper "Azerbaijan" assesses the conditions created by socio-economic projects implemented over the past 6 months, the country's development.The author emphasizes that the head of state noted the importance of continuing reforms in all sectors. As a result of their implementation, macroeconomic stability has strengthened, the investment climate has improved, the development of regions and entrepreneurship has accelerated. The country's foreign exchange reserves amounted to 44 billion manat, the country's economy invested more than 6 billion, inflation was 3%, GDP increased by 11.3%.The newspaper Novoye Vremya writes about the Central Bank's discount rate, which is called the refinancing rate - this is the annual percentage that central banks or state bodies responsible for monetary policy take. Accounting rate is a tool that allows you to adjust the cost of loans.The discount rate of the CBA has been lowered for the third time since the beginning of this year, but this did not have any effect on the rates of local commercial banks. The reason for the ineffectiveness of the discount rate is the Central Bank's non-compliance with the principles of transparency and competition in the allocation of financial resources.The site "Müsavat.com" is looking for answers to the question why the retirement age in Azerbaijan and in the world is growing. Azerbaijan increased retirement age from January last year. Increasing with each year the retirement age for 6 months, it will be brought to 65 years. And the amount of pensions will depend on the pension capital accumulated in the Pension Fund.To obtain a minimum pension, a 25-year working experience is required. If you do not have one, you will receive an allowance for your age. According to statistics, in Azerbaijan, men live on average 72 years, and women - 75 years. According to UN estimates, in Azerbaijan the average age is 70 years.

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