Baku. Vahab Rzayev – APA-Economics. Central Bank of Azerbaijan has conducted its policy in the condition of fragility of global economy and financial system, strengthening of macroeconomic sustainability and economic diversification in the country, said the CBA’s Monetary Policy Review for the 1st quarter.
According to review, Azerbaijan was able to balance economic growth and macroeconomic stability targets: “Growth of non-oil sector increased. Active support by the government to socio-economic development contributed significantly. Strategic currency stocks continued to rise and exceeded international standards on sufficiency.
The review notes that in the first quarter of 2013, the CBA directed its activity to keep the inflation at single-digit level, to protect stability of exchange rate of manat, financial stability and achieved these targets. So, annual inflation made 1.2% and created useful condition for real growth of personal incomes. Inflation in Azerbaijan was lower than in partner countries. Stability of exchange rate of manat played an important role in keeping the inflation at single-digit level. Low inflation influenced the international competitiveness of non-oil economy and export positively.
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