By Trend
Presently, there are no fundamental reasons for the devaluation
of the Azerbaijani manat, Chairman of the Central Bank of
Azerbaijan (CBA) Elman Rustamov said at the press conference in
Baku June 14.
“Presently, the average annual oil price is $70, which is 30
percent more than in the same period of 2017,” he said.
"High oil prices led to the growth of the country's strategic
foreign exchange reserves and CBA foreign exchange reserves, which
resulted in growth of strategic currency reserves by $2.1 billion,”
Rustamov added.
“The growth of foreign exchange reserves in the domestic market
shows that the supply in the market exceeds demand,” he said. “It
is necessary to pay attention to this balance. The national
currency rate is not always the target indicator for the CBA. Our
main goal is inflation and the impact of the exchange rate on
it."
In 2015-2016 as a result of two devaluations, the exchange rate
of manat decreased more than twofold, compared to the US dollar. In
2017, the exchange rate of manat increased by four percent compared
to the exchange rate of dollar through the monetary policy pursued
by the CBA.
The exchange rate of manat increased by 0.01 percent compared to
the exchange rate of dollar in January-March 2018.
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