OREANDA-NEWS. November 09, 2010. The Central Bank of the Republic of Azerbaijan is continuing its policy aimed at maintenance of macroeconomic and financial stability in the country. The past period of 2010 was accompanied with gradual recovery of global economy, significant increase of the surplus of the balance of payments and foreign exchange reserves of the country, expansion of internal and external sources of money supply, reported the press-centre of CBA.

Thus, active phase of negative effects of the global economic crisis on the national economy is in the past. Growth processes of the country economy endured within the period, and gradual expansion of fiscal and other channels of aggregate demand supported economic activity.

The Management Board of the Central Bank of the Republic of Azerbaijan, taking into account the dynamics of the key macroeconomic indicators within 9 months and expectations establishes 3% refinancing rate from 1 November 2010.

At the same time, in order to regulate external monetary factors of the money supply growth it is decided to implement 0.5% reserve requirement norm on foreign liablities of the banking sector.