Central Bank of Azerbaijan has held a meeting on outcomes of activity of Administrative Personnel during 1st half of 2012.

According to APA-ECONOMICS, CB Chairman Elman Rustamov noted that, bank’s both current and strategic activity served to support of economic policy directed to economy’s sustainable growth and development. 

He noted that, economic growth made 1.5%, non-oil sector rose 11.3%, investments in non-oil sector soared 30.2%. Foreign trade surplus stood at $ 7 bln, strategic currency stocks exceeded $44 bln. Macroeconomic stability was saved, annual average inflation made 2.2%. CB carried out currency sterilization in amount of $639 mln to save stability of manat in the condition of large-scale surplus of Balance of Payment. Consequently, the rate of manat against USD was strengthened 0.11%. Thus, manat’s real rate remained at tyeh useful condition and real decrease rate stood at 1.5%. 

Development of banking system was also discussed at the meeting and it was noted that, consolidation and restructuring processes in banking sector were paid attention. Adaption process of prudential control to the new Basel-3 standards continued. 

Although there is non-stability in world financial markets, number of cards rose 4%, POS-terminals – by 1.7 times. Emission rose 8.3% during 6 months. 

Rustamov assessed the outcomes positively. 

www.apa.az