Program on switching to mode of targeting inflation to be completed by year-end

Baku. 31 October. REPORT.AZ/ "Country's financial sector is in need of profound reforms. Price stability will be one of the main targets of the Central Bank of Azerbaijan in the next period too," Chairman of the Central Bank of Azerbaijan Elman Rustamov said at the presentation of the State Program on boosting digital payments in Azerbaijan in 2018-2020, Report informs.

According to him, the program of switching to mode of targeting inflation will be completed by year-end.

Rustamov noted that one of the Central Bank’s goals is related to intensification of domestic financial markets: "Our vision for long-term future is positive. The program of reforms makes us upbeat about the future. We are sure that we’ll fulfill all the tasks."

O, rəqəmsallaşmanın iqtisadi inkişafın ən mühüm göstəricilərindən biri adlandırıb. E.Rüstəmov əlavə edib ki, artıq rəqəmsallaşma həm də dövlətlərarası rəqabətin əsas əlamətlərindən birinə çevrilib: "Bu layihənin reallaşması iqtisadiyyatın inkişafına önəmli töhvə verəcək. Dövriyyədə nağd ödənişlərin payı azalacaq".

Onun sözlərinə görə, iqtisadi göstəricilər 4-cü rüb üçün pozitiv zonadadır: "İqtisadiyyatın başlıca sektorlarında artım görürük. Qeyri-neft ixracının artması da göstərir ki, iqtisadiyyatın diversifikasiyası üzrə işlər nəticə verir. Yaxın illərdə makroiqisdi dayanıqlılığın davam edəcəyi gözlənilir".

CBA Chairman noted that AMCHAM (The American Chamber of Commerce in Azerbaijan) played a special role in formation of state-private cooperation model: "AMCHAM’s member Mastercard is a reliable partner in building and reforms. Therefore, this project has been entrusted to it."

He termed digitalization as one of significant features of development. Rustamov added that digitalization has already become one of the signs of interstate competition: "Implementation of this project will contribute to development of the economy. Share of cash in circulation will decline."

He noted that the economic indicators for the fourth quarter are in a positive zone: "We see growth in the main economic sectors. Increase in non-oil sector shows that works on economic diversification produce effect. Macroeconomic stability is expected to continue in the near future."