BAKU, Azerbaijan, November 1. The Central Bank of Azerbaijan (CBA) forecasts current account surplus at $10 billion, Governor of the CBA Taleh Kazimov said during a press conference dedicated to changes in the parameters of the discount rate, Trend reports.
“Our forecasts show that the trade balance surplus at the end of this year will be $13.9 billion,” he noted.
In addition, the forecasts of the International Monetary Fund (IMF) show that the current account surplus of Azerbaijan's balance of payments in 2023 will amount to $12.6 billion, or 16.3 percent of GDP, in 2024 - $12.7 billion, or 15.7 percent of GDP.
The current account surplus of Azerbaijan's balance of payments in 2022 amounted to $23.5 billion (an increase of 2.8 times from 2021), or 23.5 percent of GDP against the backdrop of high oil and gas prices.
In general, the Central Bank of Azerbaijan, on November 1, lowered the discount rate from nine to 8.5 percent, the upper limit of the interest rate corridor was lowered from 10 percent to 9.5 percent, and the lower limit from 7.5 to seven percent.