...

Azerbaijani Central Bank's policy in 2014 to focus on new level of economic development

Business Materials 26 December 2013 16:13 (UTC +04:00)

Baku, Azerbaijan, Dec. 26

By Emin Aliyev -Trend:

The Central Bank of Azerbaijan (CBA) will take into account the new standard of economic development of the country while implementing monetary and credit policy in 2014, a CBA statement on the main directions of monetary policy and financial stability in 2014 published on Dec.26 said.

'Fiscal manoeuvre policy in Azerbaijan that has successfully completed the most active cycle of budget policy, ensures fiscal sustainability and envisages a new level of economic development. From this perspective, the quality of development is due to the increased role of private and external demand', the CBA's statement said.

According to the regulator, in 2014 it is expected to preserve country's balance of payments surplus in the medium term.

'CBA forecasts in 2014 state the current account surplus will be significant and reach 15 per cent of the GDP and currency reserves will continue to grow', the statement said.

In the context of a balance of payments surplus, strategic currency reserves of Azerbaijan in January-November rose by 8.5 per cent, surpassing $50 billion. On the ratio of currency reserves to GDP, the country has retained its place in the top 20 countries in the world.

Translated by M.L.
Edited by S.M.

Tags:
Latest

Latest