Proposals to be developed in Azerbaijan regarding exchange rate and price stability

Proposals to be developed in Azerbaijan regarding exchange rate and price stability
  • Clock-gray 16:36
  • calendar-gray 23 March 2020

According to the 8th item of the Order #1950 of the President of the Azerbaijan Republic about the series of measures related to reduction of negative impact of coronavirus (COVID-19) pandemic and the sharp fluctuations taking place on the world energy and stock markets due to that pandemic on the economy of the Azerbaijan Republic, macroeconomic stability, employment issues and entrepreneurial entities in the country, the first meeting of the Working Group established under leadership of the chairman of the Central Bank of Azerbaijan was held on March 23, 2020 for development of the list of additional measures aimed at preservation of macroeconomic stability in the country, the Central Bank told APA.

The meeting was attended by the senior officials of the Central Bank, the Ministry of Economy, the Ministry of Finance, the Ministry of Labor and Social Protection of Population, the State Statistics Committee, the State Oil Fund and the Azerbaijan Banks’ Association.

The negative impacts of the coronavirus pandemic and the sharp drop in oil price on the macroeconomic stability, especially on foreign sector, on inflation, currency market and fiscal balance, as well as on financial stability, especially on the banking sector were discussed and the exchange of ideas regarding the measures aimed at preservation of macroeconomic and financial stability was conducted at the meeting.

In the end of the meeting, a decision was taken to intensify the exchange of information between the institutions represented in the Working Group for deeper assessment of the existing situation and based on results of such assessment, to develop in a short time and to submit in relevant manner the proposals about the extra measures that should be implemented for ensuring the macroeconomic and financial stability including the exchange rate and price stability.

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