Azerbaijan’s monetary policy in 2009 aimed at macroeconomic balance and financial stability in banks
Azerbaijan, Baku, Jan. 5 / Trend , I. Khalilova /
The National Bank of Azerbaijan's (NBA) 2009 monetary policy will aim to ensure macroeconomic balance and preserve the financial stability of the banking system, according to the NBA's recently released key monetary policy priorities.
International organizations expect that the global economic crisis will continue well into 2009, with the global flow of investment decreasing twofold. Developed countries are expected to see a zero-percent economic growth rate this year.
"The intensification of the global economic crisis may present certain risks for countries with an oil-dependent economy and developing nations, including Azerbaijan," said a statement released by the NBA. "The decrease in oil prices will continue in 2009 due to a cut in the global demand."
Flexible macroeconomic regulations must be implemented to protect the non-oil sector, as well as the country's income and employment rate. From this point of view, the NBA believes that it is vital to consolidate and coordinate every aspect of Azerbaijan's macroeconomic policies in 2009 to guarantee development and financial stability.
The NBA plans to increase the flexibility regulation monetary policy in 2009 in response to the global processes. The values of the percentage corridor will be altered depending on the macroeconomic situation. The spectrum of tools used to reform the banking system will also be expanded.
"The 2009 fiscal policy will aim to provide
macroeconomic stability," the NBA statement continued. "There is enough
liquidity in Azerbaijan for this purpose. It is important to maintain the real sector of the economy through the
banking system to prevent global risks from negatively affecting economic
activity and employment."
The NBA plans to upgrade the small and middle-scale entrepreneurship mechanism to accomplish stability, as well as to support the banking sector, develop the construction-mortgage market and solve other priority issues to restrict the influence of global risks on the national economy.
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