BAKU, Azerbaijan, October 10. The depreciation of the currencies of trading partners affects inflation in Azerbaijan, the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov said in an interview with AZTV, TurkicWorld reports.
"We have a stable exchange rate regime. Our main goal is to ensure macroeconomic stability. A sharp change in the exchange rate or depreciation of the currencies of our trading partners does not directly affect Azerbaijan's foreign exchange market; they affect our inflation," said Kazimov.
"When the currencies of our trading partners become cheaper, our inflation decreases in the short term (over the next 3–6 months) because the goods imported from these countries become cheaper. If the currencies of our trading partners become cheaper in the long term, this will affect inflation in these countries. After 3-6 months, this inflation begins in Azerbaijan," he said.
