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CBA plans to announce its monetary policy decisions in upcoming year

28 December 2023 12:56 (UTC+04:00)
CBA plans to announce its monetary policy decisions in upcoming year
Nigar Hasanova
Nigar Hasanova
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The Central Bank of Azerbaijan (CBA) plans to review its monetary policy eight times in 2024, Azernews reports.

In 2024, the monetary policy of the Central Bank will be aimed at ensuring price stability in the country, that is, maintaining inflation at a low and stable level. This was mentioned in the Central Bank's statement on the main directions of monetary policy for 2024.

It was noted that the main goal of the monetary policy will be to maintain inflation within the target interval announced by the Socio-economic Development Strategy of the Republic of Azerbaijan in 2022-2026.

"By supporting price stability, the Central Bank will create conditions for sustainable growth in the country's economy.

Monetary policy decisions will be made in 2024 based on changes in external and internal factors in the inflationary environment and updated macroeconomic forecasts. The strengthening of mitigating factors and the stabilisation of inflation expectations provide grounds for predicting the formation of annual inflation in the target range by 2024.

Reforms will be continued in the direction of improving the strategic and operational framework of monetary policy and expanding the communication of monetary policy. These reforms will serve to strengthen the transmission of monetary policy decisions to inflation," the Central Bank notes.

It should be noted that the decisions of the Central Bank on the parameters of the interest rate corridor in 2024 will be presented to the public on January 31, March 28, May 1, June 21, July 31, September 18, October 30, and December 18.

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