CBA: Azerbaijan’s currency reserves near $47B

CBA: Azerbaijan’s currency reserves near $47B
Inflation made up 0.8% in January-February, informs citing the Central Bank of Azerbaijan (CBA).

According to the bank, the prices of food products increased by 2.1%, non-food products rose by 0.2%, services dropped by 0.6%. Food prices have been affected by seasonal factors.

In February 2019, the 12-month inflation was 2.1, which is nearly lower limit of the target range. The average annual inflation made up 1.9% in January-February, down 2.8 percentage points.

No significant changes were observed in the inflationary expectations of the business sector.

In January-February $986.3 million-positive balance was recorded in the foreign trade. Export increased by 42.6%, including 16.4% growth in non-oil export.

Average oil price made up $62 a barrel.

Strategic currency reserves of the country have ascended by 4.1% to $46.6 billion since early 2019. This indicates that the balance of payment was formed with surplus.

Economic growth rate is increasing. In January 2019, the economic growth was 2.9%. The economic growth in nonoil sector made 2.7% in non-oil sector. Non-oil industry grew by 12.9%, agriculture by 2.4%.