The policy of monetary and financial stability for 2021 is being formed amid a high uncertainty of economic activity in the world, said the Central Bank of Azerbaijan (CBA).
According to the CBA, the risks will be mainly related to the epidemiological situation and keep the potential to influence the external and internal environment. On the other hand, due to the adaptation of the Azerbaijani economy to low oil revenues in the long term, the implementation of large-scale restoration work in the territories liberated as a result of the country’s 44-day (from Sept.27 through early Nov.2020) Patriotic War, as well as the rapid implementation of a new development strategy aimed at doubling the country's GDP in the next 10 years, before the financial the sector has generated great challenges.
In this context, maintaining the stability of the macroeconomic and financial sector in 2021 will form the basis of macroeconomic and macro-prudential policies. By ensuring macroeconomic and financial stability, the Central Bank will support the recovery in economic growth, the statement reads.
The CBA said in a statement that monetary policy will continue to play an important role in providing the necessary conditions for sustainable economic growth, focusing on price stability next year. Efforts will also continue to improve the stability of the financial sector, develop financial intermediation and financial markets.
Earlier the Chairman of the CBA Elman Rustamov noted that the country's financial sector is showing greater stability than predicted.
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