Eurasian Integration Yearbook 2012

2011: Data and ReviewsAzerbaijanArmeniaBelarusKazakhstanKyrgyzstanFigure 14.3.Current accountof the balance ofpayments:(% of GDP)Source: nationalagenciesMoldovaRussiaTajikistanUzbekistanUkraine-30 -10 10 30201120102009Figure 14.4.Gold and forexreserves: (in monthsof imports of goodsand services)Source: nationalagenciesAzerbaijanArmeniaBelarusKazakhstanKyrgyzstanMoldovaRussiaTajikistanUzbekistanUkraine0 20201120102009Public debt decreased by 6% of GDP on average in Kyrgyzstan, Tajikistan andUkraine.The rise in prices, which was mainly caused by a surge in world prices for rawmaterials and foodstuffs, slowed down significantly in late 2011 and early 2012,partially due to tightening of monetary policy in all CIS countries. In March2012, the lowest inflation rates were observed in Kyrgyzstan (0.2%), Azerbaijan(1.8%) and Armenia (1.9%). The Belarusian economy, which suffered from asevere balance of payments crisis in 2011, showed signs of stabilisation dueto a sharp depreciation of the national currency and anti-crisis measures takenby the government, allowing to stop the Belarusian ruble’s devaluation , anddecelerate price growth, which reached 106.5% year on year in March.298 EDB Eurasian Integration Yearbook 2012