Central bank: Inflation must not exceed 5 percent in Azerbaijan
Azerbaijan, Baku, Nov. 23 / Trend A. Akhundov /
The Azerbaijani Central Bank (CBA) considers it appropriate to reduce inflation to the level below 5 percent, CBA chairman of board Elman Rustamov said in the Parliament today while discussing the draft state budget for 2012 and the next three years.
"We should try for the inflation not to exceed 5 percent," he said. "But serious joint work of economic bodies is required."
According to the State Statistics Committee, consumer prices and tariffs for services in Azerbaijan remained unchanged in October compared to September and increased by 8.3 percent compared to January-October 2010.
"At present, there is unambiguous inflation Azerbaijan now," he said. But it should be even lower. We had inflation of 3-4 percent in the pre-crisis period [global financial crisis]."