BAKU, Azerbaijan, June 27. No significant negative effects on Azerbaijan's financial system are expected from inflation in Türkiye, the country’s finance minister Samir Sharifov exclusively told TurkicWorld.

"Our financial system is in a fairly balanced state, and the banking system is reliable. The country has significant reserves and very low debt. Therefore, we do not anticipate any significant negative effects," added the minister.

Inflation in Türkiye stood at 39.59 percent in May. In order to contain inflation, the country’s Central Bank made the decision to raise the key interest rate from 8.5 percent to 15 percent annually. Following this announcement, the Turkish lira, for the first time in history, surpassed the 24 lira per dollar mark and continued to weaken. The Turkish regulator intends to pursue this policy until a significant improvement in the inflation forecast is achieved.

Further, in response to a question about the possibility of reviewing the oil price set in Azerbaijan’s state budget, Samir Sharifov pointed out that the average export price per barrel of oil, incorporated into Azerbaijan's budget, maintains a reasonable level.

He highlighted that the oil price in the budget for the remaining period of the year has been adjusted from $50 to $60.

"We do not anticipate further increases in the oil price, as the current level is already adequately high. We consider it to be reasonable," the minister explained.

Amendments to the "State Budget of the Republic of Azerbaijan for 2023" law indicate projected revenues of 33.89 billion manats and expenditures of 36.62 billion manats (including centralized revenues of 33.12 billion manats, local revenues of 764.7 million manats, centralized expenditures of 35.85 billion manats, and local expenditures of 777 million manats).