BAKU, Azerbaijan, June 23
By Fidan Babayeva - Trend:
The value of export products exceeded the value of import products in Azerbaijan, Head of the Center for Analysis of Economic Reforms and Communication (CAERC) of Azerbaijan Vusal Gasimli said, Trend reports citing the CAERC.
“This fact has a positive effect on current operations, which also increases the real effective exchange rate of the manat,” Gasimli added.
“For Azerbaijan, with an annual import value of about $10 billion, inflation in global markets attracts the most attention. According to the Central Bank of Azerbaijan (CBA), amid non-monetary factors of external and internal expenditures, inflation reached 4.9 percent in May 2021, remaining in the target range," the expert noted.
"Azerbaijan's current account surplus at the level of 5.6 percent of GDP in the first quarter of this year, as well as growth in gas exports, meet the demand for foreign currency in the local market," he said.
Gasimli stressed that the surplus of the state budget for the first 5 months of this year amounted to 368.9 million manat ($217 billion), or 4 percent of budget expenditures.
So, the current account and the state budget surplus together, while maintaining the manat exchange rate, also restrain inflation, he added.
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