Elman Rustamov: Inflation rate projected to become single-digit by end of 2018

Thu 14 June 2018 07:02 GMT | 07:02 Local Time

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"By the end of 2018, the inflation rate is projected to become single-digit,” Chairman of the Central Bank of Azerbaijan Elman Rustamov said at a press conference today, APA-Economics reports.

"Over the past five months, the average inflation rate was 3.2 percent. The balance of payments continued to improve. There was a GDP surplus of 15.4 percent. The positive balance of trade balance increased 2.1-fold, service balance deficit decreased more than 2-fold, and the non-oil sector increased by 14.2%. The favorable oil prices have led to an increase in foreign sector indicators. The trade balance is expected to be favorable at the end of the year. Positive economic dynamics also continued. Improvement in monetary conditions has resulted in a balance in macro-economic stability. Monetary policy was pursued over the past year, and this led to an increase in the monetary base. The share of deposits in foreign currency in broad money stock was 2.1 percent," Rustamov said, adding that given the inflation dynamics, the interest rate corridor will be discussed next August.

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