Azerbaijan built large buffers and invested heavily during the oil boom years, but efforts to diversify the economy have lagged. The authorities have taken steps to adjust to slumping oil prices and weaker growth in trading partner countries. In 2015, the Central Bank of Azerbaijan (CBA) undertook two devaluations and switched to a managed float. Inflation rose while the large current account surplus evaporated and the budget moved to a deficit. Financial sector soundness deteriorated. Monetary policy has been tightened to address inflation and support the currency. The non-oil primary balanced improved in 2015, but is being reversed in 2016 with a revised budget that boosts capital and current spending. The largest bank is being restructured via a bad bank-special purpose vehicle (SPV) model, some smaller banks have been closed or intervened, and a new integrated financial supervisory agency has been created.
To view this DRM protected ebook on your desktop or laptop you will need to have Adobe Digital Editions installed. It is a free software. We also strongly recommend that you sign up for an AdobeID at the Adobe website. For more details please see FAQ 1&2. To view this ebook on an iPhone, iPad or Android mobile device you will need the Adobe Digital Editions app, or BlueFire Reader or Txtr app. These are free, too. For more details see this article.
|Size: ||7.5 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2016|
|ISBN: ||9781475536492 (DRM-EPUB)|
|Read Aloud: ||not allowed|