Head of Azerbaijan's Central Bank makes statement on manat devaluation
There are no prerequisites for the growth of the US dollar exchange rate against the Azerbaijani manat in Azerbaijan, Elman Rustamov, chairman of the Central Bank of Azerbaijan (CBA), said at a press-conference in Baku on Feb. 1, Trend reports.
Rustamov stressed that to talk about the devaluation of manat today is not serious.
"The macroeconomic situation is stable in Azerbaijan,” he said. “We have a surplus in the balance of payments."
As a result of two devaluations, the Azerbaijan manat exchange rate decreased by more than twice against the US dollar in 2015-2016.
The manat exchange rate increased by four percent compared to US dollar in 2017 thanks to the monetary policy being pursued by the CBA.
The manat rate against the dollar increased by 0.01 percent in the first quarter of 2018. Since March 2018, the manat rate has reached 1.7 against the dollar.(Azvision.az)