CBA makes statement on inflation in Azerbaijan

  04 April 2019    Read: 734
CBA makes statement on inflation in Azerbaijan

During the year, inflation rate in Azerbaijan will remain at a stable level, Director of the Monetary Policy Department of the Central Bank of Azerbaijan (CBA) Azar Alasgarov said at the annual Fitch Ratings conference in Baku on April 4.

He said that the current account balance is 13 percent of GDP.

“Azerbaijan is one of the few countries where the current account balance of total GDP is equal to a two-digit number,” he said.

He further added that the work also continues in order to develop the non-oil sector and non-oil exports, tourism is developing.

He noted that the foreign exchange market functions in a balanced mode, and Azerbaijan’s foreign exchange reserves continue to grow, dollarization is declining.

The monetary policy of the CBA is aimed at stabilizing prices in the market, he said.

In January-February 2019, prices for consumer goods and tariffs for services in Azerbaijan increased by 1.9 percent compared to the first two months of 2018, according to the State Statistical Committee of Azerbaijan.

For this year, the CBA expects inflation at 4 percent (± 2 percent).

The annual Fitch Ratings conference is taking place in Baku. The event participants are discussing the situation in the banking sector, including the existing challenges, the macroeconomic indicators of Azerbaijan, reforms and the development of the country’s economy, as well as trends in the global oil and gas market.

 

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