CBA has anti-inflationary policy in 2011
Azerbaijan, Baku, Nov. 11 / Trend N. Ismayilova /
The policy of the Central Bank of Azerbaijan (CBA) was anti-inflationary in nature during the first three quarters of 2011, the CBA's report on monetary policy said on Friday.
"Strengthening the control over the inflationary factors and their regulation in a preventive mode became important again during the reporting period due to rising food prices on the world markets, foreign exchange earnings of the country, money supply growth amid increasing state demand and rapid growth of non-oil sector," the report said.
The CBA issued notes totaling 987 million manat within the activation of sterilization operations during the first three quarters.
The notes worth 617 million manat were offered for auction. About 519.7 million manat was placed. The average yield was 2.72 percent at the last auction, although the figure was 2.2 percent at the beginning of the year.
As of Oct. 1, the volume of notes in circulation amounted to 14 million manat.
The official exchange rate is 0,7866 manat to $1.