We must act carefully about the oil prices, chairman of the Central Bank of Azerbaijan Elman Rustamov said during discussion of drafts of state and consolidated budgets for 2018 at the plenary meeting of the parliament.
He said he does not support increase of budget revenues while oil prices go up: ‘At the same time, we must not reduce expenditures while the oil prices go down. As the economy is a living organism, it requires stability, stable expense, stable price and stable rate. This, in turn, requires that the resource countries should base on stable expenditures’.
He noted that money supply has increased by 12% since early 2017: ‘We have allocated about AZN 1 billion for circulation since beginning of the year. Since late February, the Central Bank of Azerbaijan additionally directed AZN 1.8 billion to economy’.
According to him, the money supply will be increased more by the end of the year.