According to the decision of the Management Board of Central Bank of Azerbaijan (CBA), the base rate was kept unchanged, Governor of CBA Taleh Kazimov said at a press conference, on July 29, Trend reports.

“The global economy is the main factor that influenced this decision among several internal and external factors. Uncertainties associated with the growth of global economy are high, but international environment in terms of balance of payments remains favorable for Azerbaijani economy,” Kazimov said.

“The positive balance of foreign trade increased, in the context of improving trade conditions, by 3.5 times in first half of 2022 compared to the same period last year. This is explained by high world prices for the main export commodities and realization of non-primary export potential," Kazimov noted.

He also added that the average price of Brent Crude Oil was $105.4 per barrel in the first half of 2022.

"We are seeing an increase in remittances to Azerbaijan besides the improving foreign trade indicators. This certainly leads to an increase in positive balance of payments,” he said.

“We note that the tightening of monetary policy in countries, which are Azerbaijan’s main trading partners may have a downward effect on import inflation," Kazimov said.