Surplus may occur in current account of Azerbaijan’s balance of payments - CBA

By Trend

A surplus may occur in the current account of Azerbaijan’s balance of payments as of 2021, Chairman of the Board of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at a press-conference, Trend reports on July 30.

“The current account surplus of the balance of payments will reach $3.1 billion if the average oil price is $65 per barrel,” Rustamov said.

“This indicator will point to the ratio of the current account balance to GDP at 6.5 percent,” chairman said.

"Besides the rise in oil prices, export of non-oil products also has a positive effect on the balance of payments,” Rustamov said. “The monetary base has grown by 5.6 percent in Azerbaijan since early 2021."

Proceeding from the April release of the International Monetary Fund (IMF) World Economic Outlook, the ratio of the current account balance to Azerbaijan's GDP in 2021 was projected at 1.1 percent while in 2022 - 0.5 percent.

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