The volume of production in the non-oil and gas sector of Azerbaijan increased 2.1 percent in the first quarter of 2021, Elman Rustamov, Chairman of the Board of the Central Bank of Azerbaijan (CBA), said, Trend reports.
Rustamov made the remark at a press conference on the parameters of the interest rate corridor
“International organizations and rating agencies have improved their forecasts for economic activity in Azerbaijan. Moreover, the anti-crisis measures launched last year and the relative improvement in the international environment indicate a gradual recovery in economic activity in the country,” the CBA chairman noted.
Rustamov stressed that according to the monitoring of the real sector, the business confidence index in March 2021 had a tendency to grow in the sectors of trade and services, as well as in the non-oil industry and construction.
"Aggregate demand, mainly supported by public investment, will not create inflationary pressures in the short term," the CBA chairman added.
As previously reported, the CBA Board made a decision to maintain the discount rate in the country at 6.25 percent, starting from April 30, 2021. At the same time, the upper limit of the interest rate corridor was kept at 6.75 percent, and the lower limit - 5.75 percent.
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