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Azerbaijan projects 3-1/2-4 prc inflation in 2014-2017

November 04, 2013, 18:34 UTC+3

The government adheres to “a conservative approach in forecasting oil prices”

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BAKU, November 4 (Itar-Tass) - The government of Azerbaijan expects inflation in the country to stay within a 3.5-4 percent range in 2014-2017.

“The average annual inflation in 2014-2017 will be 3.5-4 percent,” Deputy Minister of Economics and Industry Sevindzh Gasanova said on Monday, November 4.

Inflation for 2013 is projected at 3.3 percent.

Gasanova noted that the draft national budget for 2014 was based on the oil price of 100 U.S. dollars per barrel and a price of 80 U.S. dollars per barrel for the subsequent three years.

The government adheres to “a conservative approach in forecasting oil prices,” the deputy minister added.

Azerbaijan’s currency reserves are several times larger than its foreign debt, which stands at 7-8 percent of GDP, and are sufficient to substitute for import for five years.

The currency reserves of Azerbaijan’s Central Bank increased by 16.1 percent in the first ten months of this year to 13.583 billion U.S. dollars, the Bank said.

The currency reserves grew 15.7 percent (1.8 billion U.S. dollars) year on year.

Azerbaijan’s strategic reserves, which also include the assets of the state-owned oil fund, stand at almost 50 billion U.S. dollars.

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