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CBA expects inflation to return to target range Azerbaijan in 2023

Economy Materials 28 January 2022 15:23
CBA expects inflation to return to target range Azerbaijan in 2023

BAKU, Azerbaijan, Jan. 28

By Sadraddin Aghjayev - Trend:

Inflation in Azerbaijan will return to the target range in 2023, Elman Rustamov, board chairman of the country’s Central Bank (CBA), said at a press conference, Trend reports.

According to Rustamov, it’s predicted that in 2023 inflation will normalize and return to stable levels.

Last year, the average annual inflation in Azerbaijan amounted to 6.7 percent. In December, inflation was 12 percent. Besides, as of January 1, 2022, the expanded money supply in the country exceeded 34.6 billion manat ($20.3 billion), which is a new historical maximum.

In 2021, export prices in Azerbaijan increased by more than 20 percent, and the prices for transportation of goods also grew.

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