Azerbaijan’s CBA: Repeated balancing of national economy being launched

Azerbaijan’s CBA: Repeated balancing of national economy being launched
  • Clock-gray 17:19
  • calendar-gray 19 June 2020

Currently, the balance of risks of inflation is associated with impacts of the pandemic on the global economic activeness and Azerbaijan’s economy, the Central Bank of Azerbaijan (CBA) told "APA-Economics".

The uncertainties related to depth and continuity of impacts still remain high. The main risk connected with foreign environment is the repeated sharp decline of oil price which may arise from the second infection wave of COVID-19, deterioration of economic and trade relations between the USA and China and social and political tensions in some countries.

"Under these conditions of development of new economic normality, the repeated balancing of the national economy has been started. The repeated balancing should allow for smoothing of transfer of changes occurred in foreign environment to the country’s internal environment, preservation of balance between economic activeness and support for employment on the one hand and macroeconomic and financial stability on the other hand", the CBA stated.

The Central Bank also stated that during adoption of subsequent decisions related to parameters of the interest rate collar, the coordination of changes in balance of risks and macroeconomic stability targets with priorities of supporting of economic activeness will be taken as a basis. From now on, the Central Bank will continue to take all possible measures according to its mandate for protection of macroeconomic and financial stability in the country, and keeping the inflation rate within the targeted framework.

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