Azerbaijani Central Bank releases inflation forecasts for 2010

The Azerbaijani economy has shown high resistance to the global economic crisis. International organizations said the crisis only slightly affected Azerbaijan, Azerbaijani Central Bank head Elman Rustamov said during a parliamentary discussion on the 2010 draft state budget.

"Azerbaijan was prepared for the crisis," he said.

"This was achieved thanks to the past six years of economic development. A conservative and careful policy was waged while managing our strategic reserves and external borrowings."

The Azerbaijani economy increased six percent over nine months, while other countries continue to search for a way out of the crisis. This confirms the economy's stability, Rustamov said.

"Azerbaijan confidently moves forward," he added.

Today, the average inflation rate in Azerbaijan is above two percent, with the manat haven fallen by only 0.3 percent in 2009. Foreign exchange reserves increased $1 billion this year and will exceed $20 billion by late 2009.

/Trend Capital/