Azerbaijan's foreign direct investment falls 11 pct in Q1 yr/yr

The extended slide in prices of oil, which together with gas account for about 75 percent of state revenues and 45 percent of the gross domestic product, hit growth, the budget, the balance of payments, the manat currency and foreign exchange reserves.

The ex-Soviet republic's central bank said 85.5 percent of total FDI in January-March went into the oil and gas sector.

Azerbaijan's net financial assets declined twice year-on-year to $3.4 billion, while obligations fell by 42.1 percent to $1.1 billion.