IMF recommends that Azerbaijan use statistics to move to more flexible exchange rate policy
Azerbaijan, Baku, March 12 / Trend, A. Akhundov /
The International Monetary Fund (IMF) recommended that the Azerbaijani State Statistics Committee deliver more detailed data to the Azerbaijani Central Bank (CBA) to help attain a more flexible exchange rate policy, adviser for the department of the Middle East and Central Asia of the International Monetary Fund (IMF) Raja Al Marzouqi said at a meeting with chairman of the State Statistics Committee, the committee said on Monday.
The IMF mission to Azerbaijan, led by Raja Al Marzouqi has been in Baku since February 26 and will remain until March 12. The main purpose of their visit is to conduct consultations on Article IV of the Articles of Agreement on an IMF establishment with the Azerbaijani government.
While speaking about joint efforts with the CBA on the country's transition to a more flexible exchange rate policy, Raja Al Marzouqi stressed that not only general indices, but also sublevel data is required. He expressed hope for the further strengthening of the cooperation between the IMF and State Statistics Committee.
Valiyev said that the experts' recommendations will be considered at the committee's next board meeting.
"The State Statistics Committee provides the Central Bank with data at all levels, including monthly data on average prices," he said. "The indices calculated by the committee fully reflect reality and the committee is ready to show its accounting methodology to all public and private bodies."
Azerbaijan joined the IMF on September 18, 1992. Cooperation between the organization and the country was particularly intense between 1995 and 2005. During these years, Azerbaijan has often used the advice and financial assistance of the IMF to support the government's economic programs.
The IMF office was opened in Baku in 1992. Despite its staff having been reduced since 1999, it has remained an important partner of the Azerbaijani government. It should be stressed that cooperation with the IMF played an important role in the global economic and financial crisis.