15:43 - 12.06.2023
June 12, Fineko/abc.az. Opinions are voiced that inflation differs from the forecast.
ABC.AZ reports that Central Bank’s chairman Taleh Kazimov stated about this at today’s meeting of the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship.
"If you don't believe the Central Bank's forecast, justify it. Our doors are open, we are open for discussions. We forecast inflation of 11.3%. But again, this forecast will be considered. It goes without saying that we also consider the forecasts of international financial institutions. If someone also has their own forecasts, please discuss them with us, share them. We are ready to discuss with those who do not believe our forecast," he said.
Kazimov pointed out that inflation in Azerbaijan is imported inflation: "More than 6 percentage points out of 12.8% inflation in April is imported inflation. In general, up to 80% of the observed inflation is imported inflation. If someone wants to, we can justify it. The CBA is taking several steps to prevent inflation. The CBA has restricted consumer loans. This is necessary to prevent inflation. The fixed exchange rate regime has downward effect on inflation due to its nominal effect. The next step we’ll take to control inflation will relate to increasing the effectiveness of the discount rate. Since last September, we’ve been following new monetary policy. The interbank monthly turnover already exceeds 3 billion. This is a historical record. This means that banks have already started lending to each other. For the first time in Azerbaijan, this has been implemented since September 1, 2022."
