2017 August 03 ( Thursday ) 17:36:49
- The Central Bank announced the growth of foreign exchange reserves
- Sales of Currency by SOFAZ in July Decreased by 32%
- CBA Keeps Old Discount Rate
- Foreign currencies rates fixed by Central Bank
Baku/03.08.17/Turan: The currency reserves of the Central Bank of Azerbaijan for July 31 of this year amounted to $5 billion 33.1 million dollars, the Central Bank of the country said. Over the past six months, the reserves of the Central Bank grew by more than 26% (from $ 3 billion 974 million). In July, the growth of foreign exchange reserves amounted to $ 69 million. In 2016, the Central Bank's foreign exchange reserves decreased by more than 20%. -02D-
Baku / 03.08.17 / Turan: The State Oil Fund of Azerbaijan (SOFAZ) maintains transparency of its foreign currency sales in the local market. The auction currency sales by SOFAZ decreased by 32% in July.
In July, $ 253.2 million was sold instead of $ 373.2 million in June, which was the most effective since the beginning of the year. In May, $ 300.3 million was sold, in April - $ 220.8 million, in March - $ 250 million, in February - $ 258.4 million, and in January - $ 285 million.
For six months of 2017, $ 1,940.9 million was sold. -0---
Baku / 03.08.17 / Turan: The Central Bank of Azerbaijan (CBA) has kept the discount rate at 15%, the lower limit of the interest corridor is kept at 10%, and the upper limit is 18%.
The message of the main bank says that the restoration of business activity in the country continues in the conditions of deepening macroeconomic stability. The exchange rate of the manat is stable, and the currency market is also balanced. Against this background, the Central Bank slightly increased the money supply in the economy. In addition, there is a slight slowdown in inflation. However, the risks of supply and risks of a structural nature are not completely eliminated.
When making the decision, the macroeconomic indicators were taken into account, the CBA reports. So, against the backdrop of growing state and external demand, the non-oil GDP of Azerbaijan continued to grow by 1.7% during the first half of this year. In the trade sector, the growth rate was 3.7%, in the non-oil industry - 5.4%, and in the agricultural sector - 2.2%. The results of real sector monitoring carried out by the CBA in June show an improvement in the industrial production index and the retail sales index, as well as an increase in the level of capacity utilization. Surveys conducted among households show that consumer confidence increased in the second quarter.
In addition, in the first half of 2017, exports increased by 36.5% and non-oil exports for the same period increased by 27.9%, while imports as a whole decreased by 15.7%. The surplus of the foreign trade balance in January-June amounted to 1.9 billion dollars. As the Central Bank notes, the stability of the manat creates a tendency to de-dollarization.
The CBA expects that in the remaining months of 2017 the level of overall inflation will be balanced depending on the exchange rate of the manat, inertia, aggregate domestic demand, changes in prices for goods and services regulated by the state, trends in international commodity markets and other factors. Despite a seasonal decline in monthly inflation and a relative decrease in inflation expectations, short- and medium-term risk factors for inflation have not yet been completely neutralized. Therefore, the Central Bank decided to keep the discount rate at the level of 15%.
The question of revision of the discount rate next time will be considered at the meeting on September 18.
It should be reminded that on August 1 of this year the Central Bank of Azerbaijan (CBA) considered the issue of lowering the discount rate during its regular meeting. This intention was announced at the last meeting of the Board. The Board of the CBA then noted the potential for lowering the discount rate from the second half of this year, depending on the economic and inflationary dynamics on which the country's economic growth and the welfare of the population directly depends. The need to reduce the discount rate, which currently stands at 15%, was repeatedly noted by financial experts. The CBA seemed to have decided to take such a step, but this time it changed its mind.
It is necessary to understand that the high discount rate of the CBA is one of the mechanisms for squeezing the money supply in circulation and preserving the monetary reserves of the Central Bank for artificially supporting the manat rate and restraining inflationary processes. According to data posted on the website of the country's main bank, the volume of the money supply in circulation currently stands at 8.3 billion manat, which does not exceed 14% of GDP. As experts of the financial market said in an interview with Turan, this indicator should be at the level of at least 50% of GDP for normal economic development. For comparison, in April 2015, the money supply in circulation was 13.6 billion manat and decreased to 8.7 billion manat by April 2016. -0-
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