BAKU, Azerbaijan, Feb. 1
By Zeyni Jafarov - Trend:
During the outgoing week, the Central Bank of Azerbaijan (CBA) announced the parameters of the interest rate corridor, Trend reports.
The CBA board decided to leave the interest rate at 6.25 percent.
At the same time, the upper limit of the interest rate corridor remained at 6.75 percent while the lower limit - 5.75 percent. The inflation rate in Azerbaijan during 2021 is forecasted at the level of four percent.
Moreover, as of early January 2021, the volume of credit investments in Azerbaijan amounted to 14.2 billion manat ($8.3 billion), which shows a decrease in comparison with the same period of 2020 by 743.9 million manat that’s $437.5 million (5 percent).
The deposits of the population as of January 1, 2021 are estimated at 8.2 billion manat ($4.8 billion), which in turn is by 460 million manat or $270.5 million (5.3 percent) less than in early 2020.
The Money Supply Rate (М2) in Azerbaijan made up 20.3 billion manat ($11.9 billion) as of late 2020, which is 11.3 percent more compared to late 2019.
Foreign citizens spent 430.2 million manat ($253.05 million) in Azerbaijan through bank cards in 2020, which is by 65.7 percent less compared to 2019.
The government of Azerbaijan has achieved a great deal in terms of human capital development, Fadia M. Saadah, World Bank Human Development Regional Director for Europe and Central Asia, said during the outgoing week.
"Over the last five years, enrollment in higher education rose 21 percent," Saadah said. "The introduction of mandatory health insurance supported an increase in the use of essential primary care level and improvements in efficiency."
Tax revenues from the non-oil sector of Azerbaijan amounted to 5.6 billion manat ($3.3 billion) as of 2020, Azerbaijani Minister of Economy Mikayil Jabbarov said during the outgoing week.
"This is the highest figure," the minister said. "The share of receipts in the non-oil sector reached 76 percent in the structure of total receipts."
"The Azerbaijani Ministry of Economy received over 3,300 applications for new business loans totaling 949 million manat ($558.2 million) via the electronic credit platform (ECP) in 2020," Jabbarov said.
Jabbarov added that during the year loans under the state guarantee for a total amount of 169 million manat ($99.4 million) were issued on the basis of 529 applications.
During the outgoing week of January 2021, the Azerbaijani manat rate appreciated compared to the euro and the ruble, while the prices for precious metals changed differently.