TODAY.AZ / Business

Chief banker promises "single-digit inflation"

15 March 2006 [12:24] - TODAY.AZ
"Inflation in Azerbaijan will not exceed single digits in 2006," the country's chief banker has said.

"The National Bank keeps inflation under control and is taking relevant steps in this area," its board chairman Elman Rustamov said.

The chief banker told the press on Tuesday that the process of strengthening the national currency (Manat) carried out last year will continue. This is part of the central bank's monetary and crediting policy that is also necessitated by the considerable oil revenues to flow to Azerbaijan this year, AssA-Irada informs.

The multi-billion dollar Baku-Tbilisi-Ceyhan pipeline to take Azeri oil to world markets will become fully operational this year.

However, the European Bank for Reconstruction and Development predicts that inflation will make up 13% in Azerbaijan in 2006 due to the increase in state budget expenses and oil revenues.
The inflation level in the country constituted 9.6% in 2005.



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