Gross domestic product is projected to grow by 1.1 percent in 2026 and 3.2 percent in 2027.
Modern.az reports that Taleh Kazimov, Chairman of the Board of the Central Bank, stated this at a press conference dedicated to the announcement of the decision on the parameters of the interest rate corridor.
He noted that the growth of non-oil gross domestic product is expected to be 3.2 percent in 2026 and 4.1 percent in 2027.
The Chairman added that a purchase-oriented intervention was carried out due to the sharp excess of supply over demand in the foreign exchange market.
He also emphasized that if demand arises in the second half of the year, the purchased currency is planned to be sold to the local market:
“The current situation in the foreign exchange market is expected to continue for the next two to three months. Although there is a possibility of intervention again towards the end of the year, it is too early to announce specific figures now. The reason for this is the gradual increase in economic activity from the beginning of the year, and in the second half of the year, both budget expenditures and overall economic activity will further increase. Currently, there is no expectation of a sharp increase in demand in the foreign exchange market,” the chairman added.
