Baku, Azerbaijan, Feb. 3
By Azad Hasanli – Trend:
The Central Bank of Azerbaijan (CBA) will render necessary support for the macroeconomic stability in the country, CBA chairman Elman Rustamov said.
Rustamov made the remarks in Baku Feb. 3 at the CBA enlarged meeting, dedicated to the results of 2017 and the forthcoming tasks.
He added that strengthening of macroeconomic stability is the CBA’s main task for 2018 and the medium-term period.
Rustamov stressed that the preservation of macroeconomic and financial stability will become a basic condition for ensuring sustainable economic growth.
“In accordance with the mandate, the CBA will render the necessary support for the macroeconomic stability in the country,” he said. “Along with the government, CBA will direct efforts to bring inflation to a one-digit level and modernize the strategic and operational framework of monetary policy to increase the chances of influencing inflation.”
“This year the CBA will try to keep inflation at 6-8 percent,” he said. “Taking into account the relative easing of fiscal policy, CBA will continue to pursue a conservative monetary policy. For this purpose, CBA will ensure the formation of adequate monetary conditions.”
Rustamov did not rule out the process of carrying out limited interventions in the foreign exchange market to prevent short-term changes in the national currency.