CBA: Azerbaijani manat rate to remain stable
By Trend
There are no prerequisites for growth of the exchange rate of the US dollar against manat in Azerbaijan, Chairman of Central Bank of Azerbaijan Elman Rustamov said at a press conference in Baku on April 26, Trend reports.
According to him, the rise in prices of Azerbaijani oil provides replenishment of international currency reserves, which has a positive effect on the stability of the manat. “The macroeconomic situation in Azerbaijan is stable, and there is a surplus in the balance of payments,” he added.
In 2015-2016, as a result of two devaluations in Azerbaijan, the manat exchange rate decreased more than twofold against the US dollar. In 2017, the manat rate strengthened against the US dollar by 4 percent thanks to the monetary policy pursued by the CBA.
In the first quarter of 2018, the manat rate against the US dollar strengthened by 0.01 percent and reached the level of 1.7 manats for $1 since March 2018.
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