TODAY.AZ / Business

Macroeconomic stability remains steady in Azerbaijan - Central Bank chairman

30 October 2020 [16:59] - TODAY.AZ

By Trend

Azerbaijan's current strategic foreign exchange reserves exceed $50 billion, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said, Trend reports.

According to Rustmov, this figure also exceeds by 100 percent of GDP, as well as the foreign exchange reserves of the CBA since the beginning of the year continued to grow and increased by 3.4 percent.

Rustamov also stressed that the tightening of the special quarantine regime in many countries impedes a sustainable recovery in oil demand. Thus, the average price of Brent oil in September through October amounted to $42 per barrel. However, the manat is stable and macroeconomic stability in Azerbaijan remains.

The CBA chairman said that since the beginning of the year, the country's foreign trade balance remains in surplus and this also contributes to the creation of conditions for maintaining strategic foreign exchange reserves.

He also added that after the complete liberation of the occupied lands of Azerbaijan, a banking network will be created there and these territories will positively affect Azerbaijan’s economy.

On October 30, 2020, an online press conference was held by the CBA, dedicated to the decision of the CBA’s board on the parameters of the interest rate corridor.

The next review will take place on December 18, 2020.


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