CBA makes public next quarterly Monetary Policy Review

The Central Bank of Azerbaijan has carried out its policy in the condition of increase of uncertainties in world economy, increase of debt crisis in the leading countries, rising of changes in world’s finance and commodity markets, CBA’s Monetary Policy Review reported.

The high surplus of provided the increase of currency stocks and had a positive impact on economic growth. Economic growth processes and macroeconomic stability was protected during 9 months. Exchange Rate of manat against USD in the condition of high surplus of balance of payment and currency market operated in self-regulating regime. Inflation was at single-digit level.

Central Bank has directed its activity to saving the inflation in acceptable level, saving the stability of manat’s rate, provision of development and stability in banking and financial sector. Within the realization of these targets, CBA has supported protection of macroeconomic and financial stability by correcting in its policy.

According to review, country’s economy increased during the 9 months of 2011.

According to forecasts of Central Bank, as well international institutions, the economic growth will continue. IMF forecasts the economic growth for Azerbaijan in 2011 and 2012 as 0.2% and 7.1%. At the same time, GDP on non-oil sector is forecast to be over 9%.

Review reports that, Real Sector Monitoring shows that the expectations on economic activity are optimist.


/APA/