In the first half of 2011, the decision of the Central Bank of Azerbaijan (CBA) on the introduction of monetary policy instruments in the "neutral" direction was aimed at maintaining the price stability in the country.
"In the first half year, due to expectations of rise in food prices on world markets, increase in foreign exchange earnings of the country, the growth of money supply on the backdrop of increase in public demand and growth of non-oil sector, once again it became urgent to strengthen control over inflationary factors and their regulation in a preventative mode," the report said.
During the first half year, as part of activation of sterilization operations, the CBA issued notes in a total amount of 772 million manat.
Of them, 504 million manat was placed via auctions. At the last auction, the average profitability was 2.5 percent, although at the beginning of the year, the figure was 2.2 percent.
As of July 1, the amount of notes in circulation was 66.1 million manat.
In addition the Central Bank has put a new module into operation for centralized mass payment information systems (APUS). APUS helps manage payments for traffic violation fines, Sinam Company said.
The information system will accept online credit card payments at www.apus.az or cash in all Azerpoct offices and bank branches, including regional branches connected to the information system. The technical implementation of the system is provided by Sinam.
Using the APUS payment system complies with state policy on e-government.
The first invoice is issued with a 10 percent discount. If not paid within three days, the first invoice will be replaced by a full invoice. If the full invoice is not paid, the amount of the fine is increased.
The new payment model will greatly facilitate the life of the driver, as there is no need for paying in one bank and providing a receipt to the law-enforcement bodies. Thus payment information is included in the database of the Main State Road Police under the Interior Ministry within 30 seconds. All the organizations and service providers registered in APUS will receive similar information.
The APUS system is introduced by the Azerbaijani Central Bank with Sinam's technical support to ensure centralized payments. About 37 banks have been connected to APUS since 2008.