Azerbaijan, Baku / Trend corr I. Khalilova / The National Bank of Azerbaijan (NBA) will announce the new level of consumer and basic inflation together with the Government after completing development of inflation expectations by the end of 2007, the President of the NBA, Elman Rustamov, reported on 8 June.
"The International Monetary Fund's expectations of 20% inflation in Azerbaijan this year are not proved by our calculations," Rustamov said.
During an expanded meeting of the Cabinet of Ministers dedicated to the results of socio-economic development of the country in the first quarter of 2007, the Azerbaijani President urged restraining of inflation and provision of macro-economic stability. The NBA, the Government, and other bodies are working in this regard.
"If one does not take into calculate the 6.4% inflation in January caused by liberalization of prices, the situation is in the norm and the rise for consumer prices makes up 3%," Rustamov said.
Rustamov referred to Latvia where inflation is increasing due to rise in energy prices. For this purpose Latvia's joining European Union was postponed for three to four years, as in accordance with the agreement that an EU member country can only have inflation up to 3%.