Central Bank`s chair told about inflation - stable exchange rate is created

16:01 - 14.01.2020


January 14, Fineko/abc.az. The amount of money in circulation increased more than by 24% that means softening of monetary policy, and as a whole the banks were given more than AZN 2 bn, stated Central Bank’s chair Elman Rustamov at the 13 January meeting dedicated to the results of 2019 and chaired by President Ilham Aliyev.

They certainly can use financing for giving loans, noted the chief banker, stressing that the low inflation, strong and stable exchange rate, very low and conservatively declining external debt, and strong external positions observed in Azerbaijan over the past 3 years create favorable conditions for our country:

"Azerbaijan’s position as the external creditor is twice as high, i.e. the amount of funds Azerbaijan invested abroad is twice as much as our obligations abroad, with assets of more than $100 bn. This shows that the foundations of strong macroeconomic stability and stability have been established in Azerbaijan, and gradually this stability and macroeconomic stability are beginning to play an important role in economic growth. Last year, Central Bank's mandate was somewhat expanded. In general, there are positive trends in the financial sector, although there are still a number of sensitive points. We observe an increase in lending, and last year loans increased by 16%, including business loans in general. That is, loans given to economic entities grew by 11%."

By Elmir Murad

 

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