To talk about manat devaluation

Fri 01 Feb 2019 08:48 GMT | 12:48 Local Time

Text size: bigger smaller

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.




Most read articles

More from Economy

In The Region

Editor's Picks

Azerbaijan Cuisine

Explore the food of Azerbaijan - from sherbet to succulent kebab, from baklava to fragrant pilaff

Follow us

Find us on Facebook

Real estate

Virtual karabakh