BAKU, Azerbaijan, August 8. Last week a new appointment in the Central Bank of Azerbaijan (CBA) was made, Trend reports citing CBA.
Farhad Valiyev was appointed to the post of the Director of the Administrative and Procurement Department.
The Ministry of Finance of Azerbaijan published a forecast of GDP growth in 2022. According to the forecast, Azerbaijan's GDP growth will amount to 3.4 percent in 2022.
The growth of Azerbaijan's non–oil GDP in 2022 will amount to 5.5 percent, and its nominal volume will be 65.7 billion manat ($38.6 billion), the ministry said.
The CBA forecast for average annual inflation at the level of 12.5 percent by the end of this year was also published.
Renaissance Capital investment bank also shared its forecast for Azerbaijan's GDP growth last week. According to the bank's forecast, Azerbaijan's GDP growth is expected to reach 3 percent in 2022. Azerbaijan's economic growth in 2023 will amount to 2.7 percent.
In addition, Renaissance Capital expects a record surplus of Azerbaijan's current account since 2013, above 15 percent of GDP.
Renaissance Capital also expects the CBA to keep the discount rate unchanged until the end of 2022. The current interest rate is likely to be kept at the same level 7.75 percent. At the same time, as the bank predicts, in 2023 it is expected to decrease slightly, by 0.75 percent, up to 7 percent.
It was also reported that the European Bank for Reconstruction and Development published its portfolio of projects in Azerbaijan.
The current loan portfolio of projects of the European Bank for Reconstruction and Development in Azerbaijan was estimated at 842 million euros as of July 1, 2022. The loan portfolio is designed for the implementation of 33 projects.
The majority of the project portfolio (736 million euros or 88 percent) is directed to investments in sustainable infrastructure, 70 million euros (eight percent) - to investments in industry, trade, and agricultural sector, and 31 million euros (four percent) - to investments in financial institutions.
