The National Bank of Azerbaijan (NBA) expects additional mitigation of monetary policy in 2009, NBA Chairman of the Board of Directors Elman Rustamov stated.

Mediamax reports referring Trend that NBA Head stated that twice in 2008 the NBA rate was decreased from 15% to 10%, adding that this policy will be continued and the refinancing rate will again be decreased for a few times.

“All the Central Banks synchronously carry out policy of decreasing the rate, since the economy needs cheap money”, Elman Rustamov stated.

According to him, the demand in cheap resources to stabilize one’s situation is experienced by financial institutions as well.

NBA Head stressed that Azerbaijan’s main task against the background of deflation and decrease of demand is to prevent recessions in the non-oil sector. “To this end, one needs financial injections, the main source for which is the flow of means through the banking system to the country’s economy by means of the National Bank refinancing”, Elman Rustamov stated.