Azerbaijan's Central Bank discloses forecast on balance of payments

  01 May 2020    Read: 1067

The Central Bank of Azerbaijan (CBA) predicts that the deficit of the balance of payments in Azerbaijan will amount to 3 percent of the country's gross domestic product (GDP), Chairman of the CBA Elman Rustamov said at a press conference on preserving the discount rate, reports.

“Import and export are expected to decline in 2020. In this regard, the CBA recommends commercial banks to support the import of products that are socially significant for the country, such as medical supplies and food products,” Rustamov noted.

The balance of payments is a statistical reporting system that reflects the amount of economic transactions performed by the country’s residents with non-residents over a certain period.

The current transactions for 2019 amounted to 4.3 million manat ($2.5 million), and the foreign trade balance - 8.5 million manat ($5 million).

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