The National Bank of Azerbaijan on 28 December 2006 published the major directions of the 2007 fiscal policy, which envisage the maintenance of the basic inflation in the ingle digit level (8-9%), Trend reports.
NBA is keen on maintaining the financial stability in the country and strategic priorities of the competitive capability of the non oil sector in order to fulfill this objective.
In condition of expected big currency pressures on the domestic currency market, in 2007 NBA plans to carry out active sterilization policy to neutralize its negative impact on the rate of manat and strategic foreign trade.
With respect to protect the financial stability next year the capitalization of banks will be continued, institutional base of the banking system will be improved, including the corporative management, especially the risk management. Measures for institutional development of the financial system will be continued for increase of community access to the financial services. At the same time the consultations on by-stage transition to qualitatively new standards Basel-2 are being intensified.