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National Bank of Azerbaijanâ€™s financial intervention in market reaches $216mln, national currency climbs 1.4% against dollar

08 June 2007 13:50 (UTC +04:00)

â€œThe budget revenues and expenditures grew by 79% and 41% respectively. The surplus for the first quarter was $1.9 billion. Money incomes jumped 36%, average monthly incomes 26% and final consumption spending 26.9%. The inflation rate was 0.3% for May, 9.4% for the first five months and 16.2% for annual term average,â€ he added.
He added that the mass capital influx into the country strengthened the national currency.
â€œThe National Bank converted $360 million. The sterilization intervention into the market stood at $216 million. We managed to rein strengthening of the manat. Since the early year Azeri manat climbed 1.4% against the US dollar,â€ he added.
He said that the principal priority on the macroeconomic field is to curb inflation.
â€œThe National Bank raised benchmark inflation rate to 12% effective April 1 and to 13% effective June 1,â€ he said.
Rustamov added that the bank issued notes of AZN 50 million and the National Bankâ€™s participating share is above 70% on the securities market. /APA-Economics/