PwC talks measures to curb inflation in Azerbaijan

Finance Interview 30 January 2023 09:37
Baku, Azerbaijan Trend News Agency
PwC talks measures to curb inflation in Azerbaijan

Azerbaijan has been conducting a very strict monetary policy for several years, Managing Partner of PwC in Azerbaijan Movlan Pashayev told Trend in an interview.

According to him, this policy continues today.

"Due to the strict monetary policy, we are able to curb inflation. There are several reasons for the inflation that is observed globally, including in Azerbaijan. This can include a sharp waste of funds, which the population saved during the pandemic, resulting in the "overheating" of the economy in many countries," he said.

He stated that the Russia-Ukraine war can be considered another factor of global inflation growth, as it caused significant "shocks" in the supply chain and rising prices for household goods.

Pashayev noted that due to the fact that Azerbaijan sticks to a strict monetary policy, it manages to curb inflation to a certain level.

"Increases in wages, pensions, scholarships, and other social benefits, as well as tightening monetary policy, still allow for some compensation for existing price growth. In addition, we also see the active work of the antimonopoly service, which strictly controls the consumer market and prevents artificial price increases," he added.

PricewaterhouseCoopers Global (PwC) is one of the world’s most extensive networks of professional services firms. In its current form, the network of firms was established in 1998 through the merger of Price Waterhouse and Coopers & Lybrand, both of which were headquartered in London. PwC helps organizations and individuals create the value they’re looking for, by delivering quality assurance, tax, legal and advisory services.

PricewaterhouseCoopers (PwC) Azerbaijan, established in 1995, is one of the country’s first international professional services firms.