BAKU, Azerbaijan, October 22. Azerbaijan’s monetary policy has ensured macroeconomic stability, maintaining average annual inflation at around 6 percent while supporting economic growth and achieving an optimal balance over the 20 years, said Ali Ahmadov, Deputy Governor of the Central Bank of Azerbaijan (CBA), Trend reports.
Speaking at a scientific-practical conference on “Economic Foundations of State Sovereignty and Economic Independence,” dedicated to the “Year of Constitution and Sovereignty,” held at the Parliament Committee on Economic Policy, Industry, and Entrepreneurship, Ahmadov highlighted that a new monetary policy framework has been established, the toolkit of instruments has been improved, and the money market has been activated.
In the face of escalating geopolitical volatility, the currency market has exhibited resilience, with the manat's exchange rate demonstrating remarkable stability. A surplus in the balance of payments, coupled with the augmentation of strategic currency reserves, has functioned as a fundamental cornerstone of this stability.
“Over the past 20 years, Azerbaijan’s strategic currency reserves have grown more than 38 times, and their current level exceeds the country’s gross domestic product (GDP). These reserves are sufficient to finance 37 months of imports of goods and services. This is not only an indicator of stability but also a guarantee of economic security for future generations,” Ahmadov emphasized.
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