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1 13

2 NATIONAL BANK OF AZERBAIJAN REPUBLIC

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4 13INTRODUCTION TABLE OF CONTENTS 7 1. SOCIAL AND ECONOMIC CONDITIONS IN AZERBAIJAN 1.1. R02al S02ctor Economic growth Investments Public funding Social sector 1.2. Balance of Payments Current transactions Capital and finance flows Reserve assets 1.3. Global Economy MONETARY POLICY 2.1. Principal Outcomes of the Monetary Policy Inflation Exchange rate indices Money supply Money demand Interest rates 2.2. Improvements in Monetary Management Monetary policy regulation tools Improvement of monetary management 2.3. Gold and Foreign Exchange (foreign reserves) Reserve Management 2.4. Development of Financial Markets Currency market Credit market Securities market BANKING REFORMS 3.1. Banking System Becoming more Sustainable Continuous development of the banking system Level of stability of the banking system

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6 Institutional Development of the Banking System Institutional design of the banking system Principal projects under the Banking System Development Strategy The New Development Program for the banking system 3.3. Improving Banking Supervision to the International Standards Bank supervision methodology Bank supervision in practice DEVELOPMENT OF THE PAYMENT SYSTEM AND CASH TURNOVER ARRANGEMENTS 4.1. Scope of Application of the Electronic Payment System Enhancing 4.2. Monetary Sector on the Verge of New Reforms NEW STAGE OF DEVELOPMENT OF BANKING LAWS HUMAN RESOURCE DEVELOPMENT NATIONAL BANK'S INTERNATIONAL RELATIONS Cooperation with the international financial institutions Cooperation with foreign central banks Cooperation with other foreign institutions INTERNAL AUDIT AT THE NATIONAL BANK NATIONAL BANK'S 2003 YEAREND FINANCIAL STATEMENTS 9.1. Accounting Balance Sheet and National Bank's Financial Performance Report 9.2. Independent Auditor's Opinion on the National Bank's 2003 YearEnd Balance Sheet Statement MISSION STATEMENT OF THE NATIONAL BANK OF THE REPUBLIC OF AZERBAIJAN FOR THE YEAR 2004 MONETARY POLICY OBJECTIVES AND PRIORITY GOALS SCHEDULES AND CHARTS

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0705ィ ィェ05ィ ィャィ 0907 ィイィィ0101ィィ ィ 0201ィイ ィィィェ09ィィ ィィ 0709ィ 0904ィェ01ィ 00ィョ08ィョ05ィャィ ィ ィ ィ ィー01ィ 2003ィイ02 ィィ05ィィィェ ィヲ02ィコィョィェ05ィ 0804 ィィ0507 ィヲィ ィェィ ィ ィ ィヲィイィ ィェ ィョィ 05ィィィコィ ィィ0505ィィ 09ィ ィェィコ04ィェ04ィェ 2004ィイ02 ィィ ィィ05ィコ ィ 08ィ ィーィ ィャ ィー05ィィ ツ02ィェ ( ) 07ィョ05ィコ080201ィィィー 09ィィィヲィ 0907ィーィィィェィィィェ ィ ィ ィイィ ィィ09ィーィィ00ィ ィャ07ィー050708ィィ ィ ィ ィ 07ィヲィ ィェィ ィー04 01ィ ィコ09ィィィェィィ ィーィ 07ィャ ィヲィェィィ 04ィ ィャィ ィェ01ィ ィエ0209ィ ィ ィ ィー01ィ ィャ0209ィー0700ィィ05 ィ ィョ01ィィィー ィィ08ィコ07ィーィィ 0605ィ ィェ " ィィィーィー02&0606ィョィイィエ " ィー ィィィェ0107ィェ 00ィィ0505ィィ 09ィ ィェィコ04ィェ 2003ィイ02 ィィ050107ィコィィ 0007ィ 05ィィィヲィヲ07ィーィィィェィィィェ, ィイ ィャ02ィエィ 09ィィィ ィ ィー 0907 ィャィ 05ィィィヲィヲ07 ィ ィ 05ィ ィェ0904ィェ04ィェ ィ ィョ01ィィィーィィィェィィィェ ィヲ02ィコィョィェ05ィ 0804ィェィ 01ィ ィィ ィヲィィ 0107 ィー070001ィィィャ 0605ィョィェィョ ィィィコ ィエ0209ィ ィ ィ ィー04ィェ 01ィ ィエィ 0502ィェィィ ィョィイィョ ィコ02ィー050709ィィィェ07 ツィ ィー ィャィ 0904ィェ04 ィー07ィャィィィェ 02ィーィャ07ィコ 02 ツ02ィェ 06 00ィィ0505ィィ 09ィ ィェィコ04ィェ ィョ09ィィ w02ィ 09ィ ィヲィー04ィェ01ィ ( ィ.ィ 04) 01ィ ィヲ ィィ08ィィ05ィャィィ0301ィィ08. 6

8 13Introduction The 2003 annual report of the National Bank of Azerbaijan discusses in adequate detail the National Bank's performance through the course of the year. The National Bank's activities during that year were subject to the principles outlined in the Mission Statement of the National Bank of the Republic of Azerbaijan for the year 2003 monetary policy objectives. Once again, the year 2003 witnessed the National Bank's monetary and policy implementation designed so as to maintain the inflation rate at an appropriate level, ensure stability of the national currency, maintain foreign reserves in conformance to the best international practices, further strengthen the banking system and improve money supply arrangements in the national economy. The aforementioned objectives and tasks have been successfully accomplished, with the inflation rate retained at an acceptable level, money supply increased relative to economic growth, monetary indicators improved against the last year's rates; hence all these factors in consistency with the reforms implemented in other sectors of economy have contributed to a sustainable economic growth. The macroeconomic situation in 2003 was rather specific as compared to the previous years. Thus, the use of oil revenues for social and economic development has encouraged and rendered necessary an increase in the effectiveness of regulatory functions in relation to all aspects of the macroeconomic policy, including the monetary policy. A number of specific measures were undertaken to prevent the Dutch disease by means of macroeconomic regulation in the year of 2003, including the monetary sector. Further refinements were made to the monetary policy. Regulatory tools typically used to conduct the macroeconomic policy have been modernized and diversified. The macroeconomic research, being an essential element of the institutional capacity which underpins the monetary management system, gained an intensive impetus leading to a number of arrangements aimed at ensuring supply of more accurate and precise statistics. National Bank implemented a set of important measures to foster the banking reform, strengthen the banking system, increase its role in the economy and enhance the public and entrepreneur confidence in the banking system in the reported period. A new development program for the Azeri banking system was crafted ( ). Actions were taken to secure execution of the Presidential Decree dated April 17, 2003 on privatization of the stateowned banks. With furtherance of effectiveness upgrade for privately held commercial banks along the lines of the development strategy, the banking system's qualitative and quantitative parameters were improved. National Bank made institutional arrangements to assist commercial banks in implementing corporate governance standards. Requirements with respect to foreign ownership in the banking system have been made more liberal. Banking products and services offered by the financial intermediaries were diversified through a variety of actions. The reported year also witnessed the implementation of actions to secure development of the banking infrastructure and its reorganization with an aim towards the modern standards. The banking legal framework has been significantly modified by adopting the new Law on Banks of the Republic of Azerbaijan and drafting and submittal of the Law on Mortgage to the relevant government instances for review and approval. A foundation has been laid for the Centralized Credit Register, which is designated to play an important role in ensuring more active lending transactions through minimizing credit risks inherent in the business of banking. There were efforts made with respect to improvement of the payment systems infrastructure, namely the commencement of design and implementation works relating to the national cardprocessing center. Efforts were made to ensure continued development of the banking supervision function within the National Bank. Riskpreventive "early warning"based banking supervision has been increasingly enabling effective distant supervision of banking activities. As a direct consequence of the above stated accomplishments and developments the banking system's role in the economy has grown stronger by nearing the best international practices and standards of business conduct through a significant upward shift in the quality of services provided to the general public. Banks have benefited from the increasingly expanding deposit base, a derivative of the enhanced public confidence, to the point where their lending capabilities have improved so as to make feasible funding contributions to the private business development and refinements in the structure of economic sectors with a broader regional coverage, all leading to the growth of social welfare of the nation.. Among the factors that have contributed to the greatest extent to the abovenoted accomplishments are the processes of ongoing best practiceoriented modernization of the National Bank's operation, which itself is grounded in flexible and efficient tactical and strategic planning and welldesigned budgeting principles as was the case in the years of 2001 and Along with the narrative and flowchart description of the year 2003 operations the report contains the National Bank's year 2004 and, for the first time, a midterm ( ) mission statement for the monetary policy. The report also contains the National Bank's 2003 yearend accounting and financial balance sheets, as well as the income statement audited by the independent auditor Deloitte & Touche LLC. The annual report has also been posted on the National Bank's website ( thus made available to broader reading audiences. 7

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10 13Social and economic conditions in Azerbaijan 1. SOCIAL AND ECONOMIC CONDITIONS IN AZERBAIJAN 1.1. Real Sector Economic growth. Positive trends in the economy of Azerbaijan grew stronger and the overall economic growth paced at its fastest in Macroeconomic stability grew stronger, with highlevel economic growth and social development consequently accomplished in the year of 2003 too. The private sector, the principal driving force of economic reforms, in particular privatization and agricultural reformation as their major components, the ultimate tool of balancing the economic development through focusing on the nonoil sector, and finally, the very essence of marketbased relations, has significantly increased its share in the GDP to the total extent of 73.3%. Furthermore, entrepreneurship has gained firmer grounds enjoying comprehensive support from the government, which purely domestic factors should be rewarded for playing a determining role in securing the economic growth. Thus, the increased government support to the private business development has built up an institutional framework that allows for the most effective usage of the nonoil sector's capacity, and has also enabled a favorable environment for investments. On the other hand, increased domestic demand also played an important role in making the local business circles more active and expanding their operational output during the reported year. The upward shifts in all components of the domestic demand have encouraged economic activity in all sectors of economy. Besides the domestic factors, the country's economy has also greatly benefited in terms of maintaining a sustainable growth pace from the global economic developments, such as an upturn in the world's economies, and the positive impact of the global economic developments on the domestic economy, in particular the favorably high oil prices on the international marketplace in the year of A balanced macroeconomic policy, i.e., a policy aimed at stimulating both the total demand and supply led to a growth rate of the national GDP of 11.2% in real terms. The year 2003 GDP totaled to AZM35.1 trillion (USD7.1 billion). This is in excess of the last year's comparative prices by AZM3.4 trillion. The GDP per capita constituted USD879.7, which represents a 10.3% upturn in real terms. The GDP growth was stimulated mainly by output enhancements in virtually all sectors, which indicates a faster process of economic diversification across all sectors of the economy. Year 2003 GDP Breakdown by Economic Sectors 8% 10% 13% 7% 13% 12% Trade, hotels and restaurants Social and informal services Net taxes Industry Construction Agriculture Transport and communications 37% As earlier, industry prevailed within the GDP framework, followed by services and agriculture. The accelerated pace of construction development burst out in the previous year led to a leap of its share in the GDP from 8.7% to 12.1%. The year of 2003 was also a success in terms of agricultural production. The 5.6% upturn in agricultural production was mainly caused by both intensive 9

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02ィーィャィィ0301ィィ ィィィヲ07 ィ ィ 05ィ ィェ ィイ02 ィィ ィー0701ィィィヲ07 ィ ィ 05ィ ィェ ィャィ 05ィィィヲィヲ07 ィ 0104ィェ05ィ ィコ07ィェィィィェ ィャ07 00ィ ィ ィィ05ィィィヲィヲ07ィーィィィェィィィェ 01ィ ィエィ 01ィ ィヲィ ィ 03ィャィ 0904ィェ04, ィィィェ090209ィーィィ09ィィィヲィ 0706ィー02ィェ09ィィィ 0504ィェ04ィェ ィ 03ィャィ ィィィェィィィェ 10

12 13Social and economic conditions in Azerbaijan and extensive growth of cotton, potato, vegetable and melongrowing industries. An increase in the transport sector which accounts for a major portion of the total GDP growth constituted 11.1%. Cargo transit has increasingly intensified since 1996, thus playing an important role in the overall growth in the transport sector. An increase in consumption demand in year 2003 contributed to the certain revival of the consumption market. The volume of the retail commodity turnover rose by 10.9% and chargeable services went up by 11.7% in the reported year versus the year 2002 rates. Investments. Investments in the national economy totaled to AZM17.8 trillion (USD3.6 billion) in the reported year, which exceeds the year 2002 levels by 71.2%. 91.8% of the total investment package was directed for design and implementation of production facilities. Investments were funded from a variety of sources in the reported year. Equity of enterprises and organizations accounted for 85.3% of the total investment funding. Remainder of the investment funding is brokendown as follows in terms of sources: bank loans 1.6%; individual deposits 3.2%; budget allocations 2.8%; extrabudgetary funds 0.8%; other sources 6.3%. 5,5 8,7 Breakdown of Investments by Economic Sectors, % 0,2 1,0 1,4 0,8 2,7 79,7 Industry Residence Transport Communications Construction Agriculture Trade and services Other Investment areas in 2003 included, percentagewise, 79.7% for industrial development, 5.5% for residential construction, 8.7% for transport, 0.8% for trade and services, 1.4% for communications, 1% for agriculture, 0.2% for construction and 2.7% for other sectors. Private sector's share within the above described breakdown steadily increased in Thus, the private sector accounts for 88.7%, while the public sector holds 11.3% of the total investments made. Public funding. Comprehensive economic reforms have contributed to ensuring sustainability of the public financial system and provided an effective impact on the growth of the public budget's revenue and expenditure outturn, which represents a crucial component of the public financial system. Thus, the budget revenue outturn totaled to AZM versus a projected amount of AZM6092 (100.6% outturn), and constituted 17.5% of the GDP by having increased 34.6%. Budget expenditures have increased by AZM billion or 32.4% as compared to the previous year, thus having made 17.6% of the GDP. It should also be noted, that social protection and social security expenditures went up by 12.5% versus year 2002 levels. Overall, 17.3% of the budget expenditures were directed for social protection and social security purposes, while 19.7% of the budget expenditures were directed for economic development of the country. While the budget deficit had been projected at AZM331 billion, it rounded up to AZM41.9 billion by the yearend, which makes 0.1% of the GDP. Social sector. Individual cash income in 2003 totaled to AZM24.2 billion, showing an increase of 14.1%. Cash income per capita increased by 13.2% thus reaching the level of AZM thousand. Cash income remaining at the general public's disposal made AZM23.3 trillion, which exceeds the previous year's indicator by 14%. Cash expenditures of the population totaled to AZM23.9 trillion in the reported year, having increased by 13.5%. Commodity, service and foreign exchange purchases accounted for the largest portion of individual expenses. Salaries, the chief constituent of individual revenues, have also gone up by 21.4% as compared to the previous year. Average monthly salary made AZM383.1 thousand Balance of Payments Financial flows in the year 2003 balance of payments determined the improvement of the country's credit ability, 11

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14 13Social and economic conditions in Azerbaijan 2002 number of positive factors in the year of 2003, in particular the faster pace of the oil strategy implementation. Thus, a foreign capital influx increase during the period under review led to expanded imports of investmentderived commodities and services to the country. Foreign trade. The 2003 yearend sum of the foreign trade turnover made USD5.3 billion, which exceeds the relevant year 2002 indicator by a measure of 29.5% Balance of current account Balance of services Foreign trade balance Balance of revenues Balance of foreign transfers stimulated a faster pace of the investment potential realization and fostered the confidence of foreign counterparts in our country. Overall, Azerbaijan built economic relations with 167 foreign states in the year of Significant measures were made to improve the balance of payment statistics in Improvements were made in the process of developing the balance of payments, with an aim towards a deeper, more meaningful analysis as the macroeconomic importance of an accurate evaluation of the country's creditworthiness cannot be exaggerated. Experts from the international financial institutions have commented favorably on how the balance of payments had been prepared. Current transactions. The current account rounded up to a rate of only USD2 billion in deficit through a Commodity imports went up by 49.3% and exports by 13.9% during the reported period. The increase in exports made USD319.6 million in real terms, thus taking the total level of exports to USD2.6 billion, whereas imports rose by USD899.4 million to a point of USD2.7 billion in total; overall, imports and exports as components of the GDP accounted for 38.1% and 36.8% respectively. Foreign Trade Structure USD Million % USD Million % Compared to 2002, % Total turnover where Export Import Spread

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