BAKU, Azerbaijan, January 11. The Central Bank of Azerbaijan (CBA) further ramped up liquidity absorption operations to counter inflationary pressures, Trend reports citing the monthly economic reports of the World Bank (WB) on Azerbaijan.
According to the WB, the CBA continued to increase the issuance of its notes to reduce liquidity in the banking sector, with the note portfolio increasing by 30 percent in November month-over-month, to reach 8 percent of the monetary base.
"Annual inflation stabilized at 15.6 percent in October, which remains well above the CBA's target of 4 +/-2 percent. The Consumer Price Index (CPI) rose by 1.6 percent month-over-month in October, down from 3.4 percent month-over-month in September," said the WB.
"The moderation in inflation was broad-based, with food inflation easing to 2.2 percent month-over-month. Non-food and service inflation also slowed, increasing by 1.3 percent and 0.9 percent respectively," said the report.