Azerbaijan to switch to floating manat rate regime in 2020
- 17 July 2018
The full transition to the floating manat exchange rate regime in Azerbaijan is planned to be implemented in 2020, according to the report on the implementation of measures reflected in the Strategic Road Map for the prospects of Azerbaijan’s national economy for 2017, APA-Economics reports quoting Trend.
Before the full transition to a floating exchange rate regime, the Central Bank of Azerbaijan, together with the Financial Market Supervisory Authority (FIMSA), the ministries of finance and economy, should prepare an action plan to replace imported goods in the consumer basket with local products. After that the period will be determined during which the manat exchange rate will fully switch to a floating regime.
Earlier, in accordance with the Strategic Road Map for the prospects of Azerbaijan’s national economy for 2017, it was planned to fully switch to a floating exchange rate regime in 2017. Presently, a managed floating exchange rate of manat, established Dec. 21, 2017, is in force in Azerbaijan.