12:53 - 7.09.2018

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September 7, Fineko/abc.az. This year, inflation has kept at one-digit level, and for the first 7 months of the year it made up only 2.8%. According to the forecast, inflation is expected to be below the projected level by the end of the year.

A surplus at the level of 16% of GDP formed in the balance of current operations of the payment balance in the 1st half of 2018.

Central Bank’s chairman Elman Rustamov stated at Azerbaijan Competitiveness Forum 2018 that a surplus of 16% of GDP formed in the balance of current operations of the balance of payments for the first 6 months of this year.

"A significant decline in oil prices since the end of 2014 has caused a number of problems in the macroeconomic sphere. Since 2015 the macroeconomic maneuver allowed the country's economy to stabilize. As a result of the maneuver, the level of use of oil revenues was optimized, while the exchange rate correction and adequate monetary policy were realized.

As a result, the internal and external balance of the national economy was restored, the country's strategic foreign exchange reserves were saved substantially, in 2017 there was a surplus of the balance of payments, a large level of equilibrium of the national currency exchange rate formed, the inflation rate decreased and the economy recovered. Macroeconomic stability, which has been formed since 2017, is ongoing in 2018," Rustamov said.