Central banker sees no threat of currency devaluation
Pressure of the dollar on Azerbaijan`s national
currency, the manat, has eased considerably in the domestic market,
a key official says.
Elman Rustamov, chairman of the Central Bank steering board, made the statement while commenting on some experts` conclusions that the manat would face devaluation.
According to Rustamov, the demand for the national currency has actually increased since the end of April.
Rustamov explained the surge in the demand for the dollar in March with dire devaluation of the national currencies in a number of former Soviet republics.
"Naturally, this factor has psychologically affected our population as well as businessmen. A negative expectation therefore emerged among them that the stability of the manat would not be protected. But there are absolutely no grounds for concern."
Rustamov added that cash worth $1 billion had been injected into the market to meet the demand in local currency exchanges and secure a stable rate of the manat.
Elman Rustamov, chairman of the Central Bank steering board, made the statement while commenting on some experts` conclusions that the manat would face devaluation.
According to Rustamov, the demand for the national currency has actually increased since the end of April.
Rustamov explained the surge in the demand for the dollar in March with dire devaluation of the national currencies in a number of former Soviet republics.
"Naturally, this factor has psychologically affected our population as well as businessmen. A negative expectation therefore emerged among them that the stability of the manat would not be protected. But there are absolutely no grounds for concern."
Rustamov added that cash worth $1 billion had been injected into the market to meet the demand in local currency exchanges and secure a stable rate of the manat.
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