Manat rate strengthening may have negative impact on local producers

Manat rate strengthening may have negative impact on local producers - ministers

5 December 2018 11:11 (UTC+04:00)

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A sharp strengthening of the rate of the Azerbaijani manat will, first of all, have a negative impact on local producers, Azerbaijani Minister of Finance Samir Sharifov said.

According to the minister, the reason for this is that the products of local producers will be more difficult to enter foreign markets.

"Competitiveness will begin to decline. On the other hand, they will begin to lose competition in the domestic market. Because cheaper products will be imported," the minister said.

Sharifov added that the policy pursued in recent years is based on maintaining the macroeconomic balance and the impulses necessary for economic growth.

Since the beginning of 2017, the Azerbaijani manat has shown stability and is at the level of 1.7 to the US dollar.

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