Azernews.Az

Naturally, the decrease in Azerbaijan’s oil revenues negatively affected the country’s national currency, President of Azerbaijan Ilham Aliyev said during the ceremony of awarding athletes and sports experts on December 23.

The main reason for changing the exchange rate of manat is the threefold decline in oil prices, the President said, adding that changing manat’s exchange rate was inevitable.

“Throughout the year, we were trying to maximally prevent it and were waiting for the oil prices to stabilize. “When the oil prices stabilized at $50, we somehow calmed down that there will be no need for devaluation,” said the president.

However, currently, the oil price is $36, said Aliyev, adding that the latest decision made by the US on dollar triggers decrease in oil prices.

There are also other geopolitical factors here, he said.

“Personally, I believe that the sharp decline in oil prices has no natural economic grounds,” said Aliyev.

Azerbaijan will even more seriously fight bribery, corruption, monopolism and illegal activity, President Aliyev further said.

“From now on, we should even more seriously pursue the policy of economic liberalization,” said the president, adding that in particular, the country will even more seriously fight monopolism.

Ilham Aliyev pointed out that monopolism should be prevented both in import and local production, adding that no one has or can have special privileges here.

“Those who will impede the receipt of funds to the state budget will be punished,” said the president. “Therefore, maximal transparency should be and will be ensured in the customs and the tax system.”

“I have repeatedly touched upon these issues during the meetings of the Cabinet of Ministers,” said Aliyev. “I pointed out in my speeches that Azerbaijan’s financial and economic sector should be absolutely transparent.”

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