The National Bank of Azerbaijan concluded the work over the development of major directions of the monetary policy for 2006. Elman Rustamov, the chairman of the Managing Board of the National Bank of Azerbaijan, said that the draft document was developed in compliance with the presidential decree on strengthening of anti-inflation measures in Azerbaijan.
"Its major direction is single-digit inflation ranging from 5 to 7% in 2006, support to the non-oil sector and prevention of essential consolidation of manat,” Rustamov underlined.
Rutamov noted the necessity of coordinating the efforts of all administrations to achieve the goals, in particular, maintenance of the inflation in these frames.
In accordance with the decree the Cabinet of Ministers is charged to develop and present by 1 July 2005 to the Azerbaijani President proposals on major directions of the budgetary policy for 2006, structure of the policy in economy and monetary credit policy jointly with the National Bank of Azerbaijan with regard to ensure stable macro-economic stability in the country, unification of budget parameters with the macro-economic indices and implementation of flexible fiscal policy with the relevant state bodies.
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