Central Bank: Azerbaijan expects further decrease in inflation
BAKU, Azerbaijan, June 1
By Eldar Janashvili – Trend:
Annual inflation in Azerbaijan amounted to 3 percent from January through May 2020, said Chairman of the Central Bank of Azerbaijan Elman Rustamov, Trend reports.
Rustamov made the statement at a press conference held by the CBA and Azerbaijan Deposit Insurance Fund (ADIF).
The press conference was dedicated to the beginning of the process of returning the insured deposits of Amrahbank and Atabank liquidated on April 28, 2020
Rustamov said that such an indicator of inflation is in the target range of forecasts of both the government and the CBA, and is fully consistent with their goals, and it also ensures maintaining the stability of the national economy.
The CBA chairman noted that a further decrease in inflation is expected in the summer.
By the decision of the board of the CBA dated April 28, 2020, the licenses given to Amrah Bank and Atabank for banking activities were revoked. In accordance with the decision of the Board of Trustees of the Azerbaijan Deposit Insurance Fund, Kapital Bank OJSC was chosen as an agent bank for reimbursing insured deposits in Atabank and Amrahbank.
Follow the author on Twitter: @eldarjanashvili