OREANDA-NEWS. February 04, 2013. The Board of the Central Bank of Azerbaijan has summed up the results of 2012 for the domestic banking system.

At the meeting CBA chairman Elman Rustamov pointed out that due to  the monetary policy of the Bank the last year’s inflation did not go beyond the established "unambiguous" limits, and the exchange rate policy played the main role.

According to Rustamov, in 2012 CBA currency reserves increased by 14% and approached to USD 12 bn. The Bank conducted sterilization of the currency by USD 1.5 bn, due to which the exchange rate of manat to the U.S. dollar increased by only 0.2%. At that, the CBA formed new policy of foreign exchange reserves management.

CBA chairman said that in 2013 the inflation will not go beyond 5-6%. The development of non-cash payments and mortgage mechanisms will remain a CBA priority and conditions will be created for electronic banking services in the regions.