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CBA: â€œEconomic growth will continue in the countryâ€

12 November 2010 10:33 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. Central Bank of Azerbaijan conducted its policy in the condition of continue of economic development in the country, high prices of energy carriers at the world market, high changes at currency and financial market, sensitive and unequal restoration of global economic growth, during the 9 months of 2010, APA-economics reports, quoting CBAâ€™s Monetary policy for January-September, 2010.

According to review, CBAâ€™s monetary policy played an important role in the remaining of inflation at the level of single-digit in 2010 and going on of economic growth. CBA conducted its exchange rate policy at the condition of extending of offer channels at the currency market, exchange rate of manat against USD remained unchanged.

The review shows that, all components of total demand during 9 months, including last consumer expenditures, investments and foreign demand has an increasing impact on the economic growth.

According to forecasts of government, CBA including international institutions the economic growth is expected to be continued. According to IMFâ€™s forecast economic growth on Azerbaijan will continue next year. The growth on oil and non-oil sector is forecasted to be 5.6% and 5% in 2010 and 2011. At the same time, the real monitoring held by CBA shows that the expectations on economic activity are positive. The positive balance was observed in chemistry, construction materials production and weaving spheres of industry and sale of furniture and energy equipments sphere of trade.

The parallel tendencies are striking in service sector, as well. The highest positive expectations concern communication and business sectors.