Expert: Import from Russia to Azerbaijan increased by 15%

Thu 14 Aug 2014 01:13 GMT | 05:13 Local Time

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"It is expected to reduce the cost of imported Russian building materials."

The fall of the national currency of one of Azerbaijan's main trade partners may stimulate imports to our country and restrict exports.

Oxu.Az reports referring to the newspaper "Echo" that it is the opinion of the chairman of the Center for Economic and Social Development Vugar Bayramov.

The expert noted that the sanctions and embargoes, which are applied with regard to Russia will inluence Azerbaijan's economy in two ways.

"The course of the Russian ruble against the dollar over the last year decreased by 9%. At the same time, the ruble exchanges rates against manat. This will lead to a drop in the value of Russian production in ruble terms. In particular, if the cost of Russian products of thirty rubles in dollar terms was one dollar, at the moment the comparable figure is 80 cents. This in turn creates comfortable conditions of Russian products to compete in world markets. "

In this regard, the situation clearly will increase the volume of imports from Russia to Azerbaijan, the expert believes.




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