Azerbaijan, Baku, March 1 /Trend, U.Ismaylova/
The decision of the Central Bank of Azerbaijan to increase rates from three to five percent from March 1 is natural and based on certain calculations, the head of the Association of Banks of Azerbaijan (ABA) Eldar Ismayilov said on Tuesday.
"Macroeconomic indicators show that the world economy gradually stabilizes, macro-environment around the Azerbaijani economy is gaining some growth," said Ismailov.
According to him, the Central Bank's decreasing the rate from 14 percent to 2 percent was due to the global crisis, and it was necessary to support the local market and business people. Today, the rate will gradually be increased as the global economy stabilizes. The Central Bank will implement this policy gradually, along with the phased improvement of the situation in the global economy.
Ismayilov said that the interest rate is related with the national currency and other macroeconomic indicators, and therefore, it is impossible to pressure the country's economy for a long time, because this may lead to certain problems in the future.
"I believe that the Central Bank exactly reacts and pursues a balanced policy," said Ismayilov.