By Emin Aliyev
The protection of the macroeconomic stability is the main mandate of the Azerbaijani Central Bank (CBA), the chairman of the Central Bank Elman Rustamov said on Nov.13 speaking in the country’s Milli Mejlis (parliament).
“One of the main directions of our activity is the maintaining of stable price level. The current inflation is only 2.3 percent and it is expected to be equal to 3.2 percent for the end of 2013. This is by many times less than the growth rates of wages and pensions,” Rustamov said.
According to the CBA chairman, the keeping of inflation at this low level is a very acceptable result of the national economy under the conditions of some 9 percent growth in the country’s non-oil sector and the improving investment and business climate.
“During the first nine months of 2013 the Central Bank kept the growth rate of monetary mass at the level of 7.3 percent. This figure is expected to be equal to maximum 10 percent by the end of 2013 and this will play an important role in the anti-inflationary policy,” the CBA chairman said.