According to him, manat was adapted to this price of oil as a result of measures taken within the both monetary and budgetary policies.
“Increase of oil price by $10 will bring additional $1.7 billion, or decrease by $10 will cause Azerbaijan to lose $1.7 billion. Azerbaijan has enough currency reserves and financial resources to compensate the losses. Of course, increase of revenues is important for us. If oil price rises $30-40, this will be better. Even if the oil price rises, the main goal is to switch to a new economic model. That’s, even if the oil price rises, we must not return to the previous model. There are new challenges in the world and we should take these into account”, he added.
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