Azerbaijan, Baku, May 29/ Trend , I.Khalilova /
Reducing the discount rate from 15 percent [from 2008] up to two percent [from 25 May 2009], the Central Bank of Azerbaijan provided the economy of the country with sufficient liquidity at the level of $1 billion, Chairman of the Central Bank of Azerbaijan Elman Rustamov said at the Parliament during the discussions on 2008 budget execution report.
Considering the deflationary process, in accordance with directions of monetary policy in 2009 the Central Bank continues to mitigate its macroeconomic balance, fiscal stability and the preservation of economic activity in the country.
According to Rustamov, economic growth is recorded in Azerbaijan, inflation stabilized, national currency is stable in Azerbaijan.
"In January-April 2009, inflation amounted to 6.5 percent, whereas at the beginning of May of the last year it stood at 18 percent," said Rustamov.
The similar activities carried out last year and early in 2009 allowed to reduce expectations of inflation, as well as neutralize the impact of the crisis on the banking sector.
Last year, in three phases the CBA reduced the interest rate from 15 to 8 percent, and since the beginning of this year, also in three stages - from 8 to 2 percent.
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