The Impact of Currency Regulation Policy in the Republic of Azerbaijan on Non-Oil Exports
Subhan Rustamov
Abstract. This article analyzes the impact of the currency regulation policy implemented in the Republic of Azerbaijan on non-oil exports in a comprehensive and systematic manner. The study examines the main instruments of currency policy, including the exchange rate regime, state intervention in the foreign exchange market, foreign exchange reserve management, and mechanisms for ensuring macroeconomic stability. During the study, it was determined that maintaining the stability of the national currency, keeping the inflation rate under control, and ensuring balance in the foreign exchange market directly affect the development of the non-oil sector and the expansion of export potential.
The article also examines the dynamics of non-oil exports as a result of a comparative analysis conducted on the basis of statistical indicators for 2020–2025, and identifies the relationship between the growth trends observed during this period and currency policy. The analysis shows that the targeted currency regulation policy implemented has made a significant contribution to the diversification of the export structure, increasing the competitiveness of non-oil products in international markets, and ensuring the stability of export revenues.
At the same time, the study determined that currency policy acts not only as an instrument of macroeconomic stability, but also as one of the main components of the export-oriented economic development strategy. As a result, the article proves that there is a positive and mutually conditioned relationship between the currency regulation policy and the growth of non-oil exports in the Republic of Azerbaijan, and further improvement of this policy in the future is of great importance in terms of deepening economic diversification.
Keywords: currency policy, non-oil exports, exchange rate, economic diversification, Azerbaijan