The Central Bank of Azerbaijan (CBA) issued a statement on major monetary policy trends for 2018 and the medium term, APA-Economics reports.
The statement notes that as a result of sustainable stabilization measures in recent years in line with new global economic realities, macroeconomic stability and sustainability have been established in the country.
The document states that the balance of payments has been balanced, the pressure on foreign exchange reserves has relieved, the foreign currency's value has stabilized, and inflation expectations have fallen relatively.
"These positive outcomes have been achieved through the introduction of deep macroeconomic maneuver and flexible co-ordinated macroeconomic policy framework.The Central Bank has pursued a policy of macroeconomic stability within the framework of the new monetary policy, policy rates and sources of money supply are regulated in line with macroeconomic stability and national economic development goals. Strengthening macroeconomic stability in the country and achieving sustainable economic growth are the major priorities of medium-term macroeconomic policies. The implementation of this priority become possible through a tightly coordinated macroeconomic framework and monetary policies that effectively manage expectations", - the statement says.
The authors of the statement believe that the newly formed macroeconomic stability and development platform will ensure that the economy returns to the high growth trajectory of the national economy by allowing effective protection from external and internal shocks.