CBA sees no reason for Azerbaijani manat’s devaluation [UPDATE]
![CBA sees no reason for Azerbaijani manat’s devaluation [UPDATE]](https://www.azernews.az/media/2017/12/27/manat_221217.jpg)
By Trend
There are no fundamental reasons for devaluation of the Azerbaijani national currency, the manat, Elman Rustamov, chairman of the Central Bank of Azerbaijan, said at a press conference in Baku April 9.
“The manat’s rate against the US dollar has remained at a stable level for about a year,” he said. “Expectations regarding changes in the manat’s rate have decreased both among the population and the real sector participants.”
Presently, the CBA is facing the task of providing flexibility of the manat rate, he noted.
“The CBA and Azerbaijan’s Finance Ministry are doing a lot of work in this direction,” Rustamov added. “The main part of the work is to prepare and adopt budget rules, after which the manat’s flexibility policy will be ensured.”
In 2015-2016, as a result of two devaluations, the manat’s rate against the US dollar decreased more than twice.
In 2017, the manat’s rate against the US dollar increased by 4 percent as a result of the monetary policy pursued by the CBA. In the first quarter of 2018, the manat’s rate against the US dollar increased by 0.01 percent.
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