IMF improves inflation outlook in Azerbaijan (UPDATE)
Details added (first version posted at 09:48)
Baku, Azerbaijan, Sept. 15
By Azad Hasanli – Trend:
The International Monetary Fund (IMF) has improved the inflation outlook in Azerbaijan for 2016 and 2017 to 10.2 and 8.5 percent, respectively, the fund’s report said.
Earlier in April, the IMF expected inflation in Azerbaijan at the level of 12.8 percent for 2016 and at 9.5 percent for 2017.
The IMF also expects inflation in Azerbaijan to decline sharply to 4.2 percent by 2018 and continue to decline gradually to 4.1 percent in 2019 and 4 percent in 2020, according to the updated report.
Executive directors of the fund positively assess Azerbaijani government’s steps in connection with the recent increase of interest rates aimed at curbing inflation, the report says.
The Central Bank of Azerbaijan (CBA) will increase the interest rate from 9.5 percent to 15 percent starting from Sept. 14, the CBA said in a message earlier.
The IMF experts believe that the current policy of Azerbaijani government will lead to a gradual reduction in growth of consumer prices.