Azerbaijan, Baku / corr Trend I.Khalilova / Representatives from the National Bank of Azerbaijan (NBA) will leave for the Turkish capital Ankara in September to familiarize with the Turkish Central Bank's experience in monitoring the real sector, Emin Huseynov, Director of the Statistics and Research Department of the NBA, said on 21 August.
"We received a positive reply from the Central Bank of Turkey to an enquiry on cooperation," he added.
Monitoring the real sector targets the carrying out of an inquiry among counteragents of the economy to learn their visions about the economic situation, expectations in economy, production capacities and estimates the status of the real sector on the basis of results, to understand the impact of monetary and economic policy on them. "In this way it is possible to develop a policy in accordance with their expectations. The central banks worldwide consider it more qualitative information which cannot be met in the usual statistical data," Huseynov said. Such data enables forecasts in the short-term, but the statistical bodies cannot make forecasts in this frequency except as a result of a more operative response to the ongoing developments in the economy.
He said that the Central Bank, which is responsible for the macroeconomic stability of the country, has the potential to conduct inquiries and forecast the future on their basis.
With respect to this in 2006 the NBA established a group to monitor the real sector and Turkey's experience will be studied within the framework of preparations to apply this method in Azerbaijan.