According to the document, in order to reduce the negative impacts of the sharp decline in oil price on Azerbaijan’s foreign and domestic economic balance, increase international competitiveness of the economy, as well as preserve the foreign currency reserves, the Central Bank of Azerbaijan made a decision to switch to floating-managed exchange rate regime on December 21, 2015.
In order to ensure full shift to floating manat rate, it’s needed to revise content of the current rate. One of the conditions to ensure full shift to floating rate is to achieve introduction of other instruments allowing development of financial market, insurance against hedging and exchange rate risks in the market.
According to the Action Plan, Azerbaijan will ensure full shift to floating manat rate in 2017.
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