Central Bank of Azerbaijan announces inflation forecasts (UPDATE)
Details added (first version published at 12:04)
Baku, Azerbaijan, Oct. 30
By Taleh Mursagulov - Trend:
The inflation in Azerbaijan can reach three to four percent by the end of the year, the Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press conference Oct. 30.
The chairman of the CBA noted that in the first nine months of this year, the inflation in the country was at the level of 2.6 percent.
Rustamov stressed that inflation is forming below the target collar of six to eight percent.
The chairman of the CBA noted that in general there is a tendency to lower inflation. The factors that influence stabilization and reduction of inflation risks include favorable oil prices, a surplus in the balance of payments and the large amount of foreign exchange reserves. These factors also support stability in the foreign exchange market, he added.
Rustamov said that against the backdrop of lowering of the expectations of price increase in the sphere of trade and services, the business sector in Azerbaijan is waiting for lower inflation. In addition, he noted, the current dynamics of consumer prices of households also leads to a decrease in inflationary expectations.