CBA chair Elman Rustamov: Azerbaijan`s foreign exchange reserves exceed GDP

13:15 - 14.01.2020


January 14, Fineko/abc.az. Inflation is at the level of 2.6%. This is one of the lowest levels of inflation on the CIS area as a whole, and if we take into account the low level of inflation in 2018, then over the past two years inflation in Azerbaijan has been recorded only at the level of 2.1%.

ABC.AZ reports that the above-mentioned statement was made by Central Bank’s chairman Elman Rustamov at yesterday’s meeting dedicated to the results of 2019 and chaired by President Ilham Aliyev.

Rustamov stressed that this happened in very difficult conditions, that is, against the background of a large social package, loan restructuring, and a 12% rise in food prices in the world.

"Our economy is quite a connected economy, and against this background, low inflation has been achieved in an environment where the money supply has grown almost by 24%," the chief banker said.

According to the CBA chair, the conducted surveys show that amid inflation expectations of the population, that is, macroeconomic stability, stability of the manat exchange rate, there are quite stable and low inflation expectations of the population.

Rustamov noted that this is one of the very important factors for managing inflation in the future: "Our foreign exchange reserves exceeded the level of GDP as a whole. Last year, the Central Bank, the State Oil Fund and the Ministry of Finance increased their reserves, and the profitability was substantial. In total, both structures have received more than $700 million in revenues from resource management."

By Elmir Murad

 

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