CBA publicizes quarterly monetary policy review

CBA publicizes quarterly monetary policy review
# 14 August 2013 12:11 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In the first half of this year, the Central Bank of Azerbaijan has successfully balanced the goals of economic growth. Macroeconomic stability was achieved as a result of economic growth and development, it was stated in the quarterly monetary policy review of CBA, APA-ECONOMICS reports.

According to the review, foreign economic position was favorable in the country in Q1: ‘The growth dynamics of non-oil sector was further strengthened. The active support provided by the state to socio-economic development and infrastructure has made a significant contribution to economic growth. During the reporting period, the strategic currency reserves continued to increase in the country’.

The average annual inflation rate was only 2% and created favorable conditions for the real growth of population incomes. Inflation in the country was significantly less than the partner countries. The stability of the manat has played an important role in the preservation of one-digit inflation. Low inflation in conditions of stability of manat positively impacted on the international competitiveness of non-oil economy and export.

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THE OPERATION IS BEING PERFORMED