Baku. TurkicWorld:
Annual inflation in Azerbaijan is projected to stand at 8.3 percent at the end of the year, Chairman of the Central Bank of Azerbaijan Taleh Kazimov said at today's meeting of the Milli Majlis (Parliament) Committee on Economic policy, Industry and Entrepreneurship, TurkicWorld reports.
According to him, annual inflation amounted to 12.8 percent in April.
Kazimov pointed out to a significant increase in prices, which will entail annual inflation at the level of 8.3 percent.
"The initial forecast was 7.9 percent, however, this indicator was adjusted after analyzing the figures," he said.
According to him, Azerbaijan's GDP recorded an increase of 0.1 percent, non-oil GDP grew by 3.7 percent.
According to the latest forecasts of the CBA, GDP growth is expected to be approximately 1.8-2 percent by the end of 2023. The non-oil sector of the economy is expected to achieve growth of 5.7 percent.
"Azerbaijan’s strategic foreign exchange reserves increased by 12 percent to $66 billion in April of this year. The Central Bank's foreign exchange reserves increased by 2.2 percent to $9.2 billion," Kazimov said.
“The loan portfolio has reached $20 billion, and the deposit base has increased by more than 5 percent. The quality of the loan portfolio fell to 3.7 percent in April. The level of dollarization of the loan portfolio has decreased to a historic low of 9.9 percent," he said.
