Bank Of Baku

Azerbaijan will not tighten monetary policy

Azerbaijan will not tighten monetary policy
# 03 September 2009 16:57 (UTC +04:00)
Baku. Vahab Rzayev - APA-ECONOMICS. Despite signs of the recovery from the global crisis in some countries and the gradual recovery in Azerbaijan’s economic growth , the country has no plans to tighten monetary policy this year, said Elman Rustamov, Chairman of the Central Bank of Azerbaijan.

According to him, there will be no rise in refinancing rate and mandatory reserve requirements.

“The existing monetary parameters are suitable to the recovery of economic growth and we don’t plan to raise them,” he added.

Azerbaijan cut refinancing rate to 2% and mandatory foreign currency reserve requirements to 0.5%.
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