The management board of the Central Bank of Azerbaijan recently held a meeting dedicated to the 2013 economic results.
CBA Governor Elman Rustamov opened the meeting by addressing the success of the country's socio-economic policies - the economy posted 5.8 percent growth last year, while the non-oil economy rose 10 percent. He added that Azerbaijan has advanced 100 rankings in terms of per capita.
According to the World Economic Forum, Azerbaijan is one of the top seven countries with the lowest inflation rate - less than 2.4 percent - and ranks among the 40 most competitive countries. It is also among the top 10 countries in terms of macroeconomic sustainability indicators.
In 2013, the country further strengthened its foreign economic position. According to rough estimates, exports surpassed $30 billion, while the balance of payments surplus exceeded $10 billion. Strategic FX reserves surpassed $50 billion, equal to 70 percent of GDP.
To support diversification of the economy, the CBA actively assisted in the implementation of the government's economic policy, promoting financial intermediation of the banking sector and development of financial infrastructure. To regulate the banking sector, the bank applied flexible financial stability management tools, which resulted in considerable drops in average interest rates on newly issued loans to the economy.
Rustamov also outlined key objectives of the CBA for 2014. He said the bank will take an active role in the realization of socio-economic growth targets set by President Ilham Aliyev and render critical support for the diversified economy as well as rapid growth of the non-oil economy in what has been designated the "Year of Industry."
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