CBA: Surplus in balance of payments will grow even further by year end

Baku. 23 November. REPORT.AZ/ Azerbaijani government has moved to flexible exchange rate policy in line with the new economic conditions in the country, foreign trade has been balanced and the balance of payments has a surplus.

Report informs, Deputy Chairman of the Central Bank of Azerbaijan (CBA) Alim Guliyev said at the 2nd Banking Forum "Adaptation of the banking system to a new stage of development" in Baku.

According to him, surplus in balance of payments at the moment is $ 1.1 billion. This figure will increase by the year end: "This is due to the increase in oil prices in  world markets, decline in imports to the country and increase in exports on non-oil sector."

He also said that there is a high liquidity in Azerbaijan's banking sector and sterilization measures will be continued.

"From the beginning of year, the number of banks participating in note auction of the CBA soared 5 times and reached 20”, Guliyev added.