Technical inflation awaits newborn Manat

Yesterday October 18, while Azerbaijan was celebrating a day of the national independence parliamentarians in Milli Madzhlis continued to discus a project of national budget for the year 2006. During the discussion members of the government were answering questions of parliamentarians regarding problems with the financial document.

One of the questions sounded yesterday and troubling members of Milli Madzhlis was a probable growth of inflation due to a denomination of Azeri Manat. Answering this question a Head of the Executive Board of the National Bank Elman Rustamov assured politicians that a special program designed to avoid the inflation is being prepared by the bank.

“It is possible that during a settlement period of the Manat will a technical inflation emerge. But it would not be correct to count it as a general inflation”, Rustamov proclaimed. “Minding this process we implement necessary procedures”, he said.

The denomination of Azeri Manat is scheduled to start on January 1, 2006.