Process of restoring economic growth continues in Azerbaijan – CBA
Expectations for the restoration of Azerbaijan's economic growth in 2021 are already being met in the non-oil sector of the economy, Trend reports, referring to the Central Bank of Azerbaijan (CBA).
From January through August 2021, growth in the non-oil industry, which is the leading sector, amounted to 18.7 percent, and in agriculture – 5 percent. Over the reporting period, compared to the same period of 2020, retail trade turnover increased by 2.7 percent and paid services – by 4.9 percent.
According to the regulator, with reference to the results of monitoring the real sector of the economy, the business confidence index in August 2021 tended to grow in the construction sector. In other areas, there is also a positive trend in orders to be implemented.
The CBA board decided to raise the discount rate by 0.25 percentage points – from 6.2 to 6.5 percent on September 17. The upper limit of the interest rate corridor has also been increased by 0.25 percentage points – from 6.7 to 7 percent, and the lower limit – from 5.7 to 6 percent.
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