Azerbaijan Demonstrates Positive Trends In Macroeconomic Situation - CBA General Director
Date
10/1/2024 5:13:34 AM
(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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