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Referring to the current economic situation in the country, Elman Rustamov, the Chairman of the National Bank of Azerbaijan, said although the banks didn’t currently have any problems with the fulfillment of their external obligations there are problems with the refinancing in the face of the global financial crisis.
In his words, some 1.5 billion manats are likely to be withdrawn from the real economy alone in connection with the fulfillment of external liabilities, a move which can be considered as a big blow to the economy.
Commercial banks pay their external obligations for their own account but the money pulled out of the economy must be replaced to some extent, he added.
From this point of view, it is appropriate to issue money at a time while the global economy’s deflationary trends chip away at the threat of inflation after the money supply increases.
The National Bank predicts inflation to be 5-6% for this year.
Elman Rustamov didn’t talk about the amount of the money issue, saying “the amount will be determined on the basis of serious calculations”.
