The Price Stability Committee convened under the presidency of Treasury and Finance Minister Nureddin Nebati, for the first time since it was established in March. The committee discussed inflation and steps to be taken within the frame of price stability. “Our institutions will act in full coordination in the fight against inflation,” read the statement. Moreover, the Price Stability Committee evaluated global inflation developments, commodity markets, inflation in the country and risks may adversely affect domestic inflation. The committee also analyzed the impact of these developments as well as in foreign exchange (FX) rates and commodity prices on pricing behaviors.
The new economic model prioritizes growth in exports, while exporters had to halt their investment plans as they can’t find long-term loans and predict the future of FX rates. Industrialists, who say exports can’t increase without raising the capacity, want support with long-term and appropriate finance models and competitive stability in FX rates in order to make new investments.
The Central Bank will release the monetary and FX policy report for 2022.
The Banking Regulation and Supervision Agency (BDDK) will release the banking sector report for October (2.00 pm).
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Azerbaijan, which is connected to the world with pipelines passing through Turkey carrying natural gas and oil, will integrate its electricity with the West this time. Energy and Natural Resources Minister Fatih Donmez said the Azerbaijani electricity grid will be connected to the Turkish grid via Georgia, and thus will be connected with the European network.