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Elman Rustamov: Conformation of economy with current oil price completed

21 November 2017 12:38 (UTC +04:00)

Central Bank of Azerbaijan is pursing conservative anti-inflationary monetary policy, Chairman of the Central Bank of Azerbaijan Elman Rustamov said in the discussion of drafts of state and consolidated budgets for 2018 at the plenary meeting of the parliament on November 21.

According to him, the bank did not change discount rate this year in order to support the charges in national currency.

‘According to the State Statistical Committee, average annual inflation in the ten months of 2017 made up 13.7%. The analysis shows that the inflation is caused by non-monetary factors. Foreign factors remain changing and dynamic. We know that global food prices have significantly increased. We forecast high inflation this year’, he said.

Rustamov noted that conformation of economy with current oil price has completed.