Central Bank: Azerbaijan’s economy kept development on the background of complicated processes in the global economy – “Most of partner countries faced devaluation of national currency”

Baku: In the first quarter of 2015, Central Bank of Azerbaijan operated in the circumstance of the complicated external economic environment, said the Central Bank in its monetary policy review for January-March.

According to review, oil prices declined and economic growth perspectives in several partner countries deteriorated: “Most of partner countries faced devaluation of national currency. Demand for foreign currency has significantly increased under the direct and indirect impact of the external economic environment. The monetary policy was conducted in accordingly to Balance of payment and new inclinations in the currency market. Decisions were passed to strengthen the strategic durability of international payment ability of the country on exchange rate policy. It’s started application of new operation frame on exchange rate policy”.

The review says that single-digit inflation was observed in the first quarter of 2015, prices of consumption products were at acceptable level. Generally, Azerbaijan’s economy kept development on the background of complicated processes in the global economy.

SOURCE: Azeri Press News Agency