Priority of NBA's monetary policy for 2009 is maintenance of macroeconomic stability

"International financial institutions are predicting continuation of a global crisis in 2009. By their forecast, the global investment flow will reduce twofold. The economic growth in the developed countries will be zero. In such conditions Azerbaijan's economy may face definite risks", says NBO statement about main trends of the monetary policy for 2009, according to Interfax-Azerbaijan.

By estimates of the National Bank, in such conditions it is necessary to conduct flexible macroeconomic regulation for protection of the nonoil sector, employment and profitability level. For this reason, it is necessary to conduct the further macroeconomic policy for ensuring stability in 2009.

"In this connection, the main goals of the NBA monetary policy is a greater activeness in ensuring macroeconomic stability, preservation of financial stability of the banking system", says the statement.

To ensure provision of these tasks, the bank is planning to raise the flexibility of application of monetary tools. IOn this connection refinancing rate will be changed operatively and specter of tools for banking system refinancing will enhance.

"The 2009 fiscal policy will be aimed at ensuring macroeconomic stability, support to the development of the real economic sector", says the document.

In this direction there is a plan to improve the mechanism of crediting small and middle entrepreneurship, ensure food security, develop mortgage market, support banking sector.