(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 30. Azerbaijan's macroeconomic situation is on the upswing, showing all the right signs of progress, Director General of the Central Bank of Azerbaijan (CBA) Shahin Mahmudzade said at a presentation of the financial stability report for the first half of 2024, Trend reports.

"The global macroeconomic environment is shaped by multiple factors, such as persistent geopolitical tensions, anticipated interest rate reductions in Europe and the United States, and a deceleration in the growth of global commodity prices. Amid declining global demand, inflationary risks are increasing, highlighting the need for enhanced focus on stability concerns. Notwithstanding external challenges, Azerbaijan's internal macroeconomic conditions exhibit positive trends. The economy of the country is experiencing growth, primarily fueled by the non-oil sector, while the real effective exchange rate of the national currency remains stable. Higher employment levels and increased incomes enhance financial resilience. A favorable balance of trade and the accumulation of strategic currency reserves contribute to enhanced stability," he noted.

Mahmudov emphasized that the government has its eye on the ball when it comes to boosting citizens' welfare.

"The government and the CBA are taking measures to support economic growth through fiscal and monetary policies aimed at ensuring economic stability," he added.

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