On meeting of Work Group on safeguarding macroeconomic stability

23-03-2020

23 March 2020, Baku:  The Work Group launched under the leadership of the Governor of the Central Bank of the Republic of Azerbaijan held its first meeting on 23 March 2020 with respect to development of additional measures to safeguard macroeconomic stability in the country according to Para 8 of Decree#1950 of the President  of the Republic of Azerbaijan on ‘a number of measures related to mitigation of negative effect of the coronavirus (COVID-19) pandemic and sharp fluctuations in global energy and stock markets on the Azerbaijani economy, macroeconomic stability, employment and businesses’ dated 19 March 2020.

The meeting was attended by officials of the Central Bank, the Ministry of Economy, the Ministry of Finance, the Ministry of Labor and Social Protection of Population, the State Statistics Committee, the SOFAZ and the Azerbaijan Banks Association.

The participants discussed negative effects of the coronavirus pandemic and oil price slump on macroeconomic stability, in particular on the external sector, inflation, the FX market and fiscal balance, as well as financial stability, especially the banking sector, and shared opinions on measures to safeguard macroeconomic and financial stability.

In conclusion, it was decided to intensify exchange of information among the institutions represented in the Work Group for deeper assessment of the current situation and on this basis to prepare and submit proposals on additional measures for macroeconomic and financial stability, as well as exchange rate and price stability in a short run.