The Fitch Ratings International Rating Agency increased the credit rating of Azerbaijan from BB+BBB- and determined the forecast for the rating as a “stable”.
The statement of the credit-rating agency states that the increase in the rating reflects the country’s strong external balance, persisting current and budget surplus, a decrease in foreign currency instability, low public debt and improving monetary policy.
An annual inflation in the country remained below the target indicator of the Central Bank of 4 percent in the first half of this year, the agency noted.
It is expected that inflation this year will be an average of 3.5 percent, and economic growth will be restored to 3.2 percent due to a slow reduction in oil production and a positive effect of Karabakh restoration, follows from the message.
Fitch Ratings predicted a deceleration of growth up to 2.7 percent in 2025 and 2.3 percent in 2026.