CBA: Tendency to improvement strengthens in Azerbaijan's external position on background of global economic recovery
Azerbaijan, Baku, June 7 / Trend A.Akhundov /
A tendency to improvement strengthened in Azerbaijan's external position on the backdrop of the global economic recovery and rising energy prices, the Central Bank of Azerbaijan's (CBA) report on financial stability in the first quarter of 2011 reads.
"The increase in incomes and investment in the economy, have contributed to economic revival in the country and growth of investment activity. The state support to economic activity, and implementation of significant structural and institutional changes have positively influenced the growth dynamics of the economy," the report reads.
During the report period, the CBA policy aimed at keeping inflation at a satisfactory level, maintaining stability of manat and ensuring sustainable development and stability of the banking sector.
"The sterilization operations undertaken by the CBA in the foreign exchange market contributed to the preservation of equilibrium in this market and macroeconomic stability, whilst with the increase of foreign currency reserves," the report reads.
During the report period, inflation was at single-digit level, and the processes of foreign markets and inflation in trading partners of Azerbaijan mainly affected it.
Prices for consumer goods and tariffs for services increased by 1.1 percent in March compared to February of 2011, while in the first quarter increased by 9.1 percent compared to January-March 2010, the State Statistics Committee said.
Prices of food products increased by 1.8 percent in March, while prices of non-food products decreased by 0.2 percent and tariffs for services- 0.3 percent.
Prices of food products rose by 3.4 percent compared to the first quarter of 2010, while non-food products - 2.8 percent, tariffs for services rose by 3.1 percent.