CB chairman: There can be no question of devaluation in Azerbaijan

CB chairman: There can be no question of devaluation in Azerbaijan
  • Clock-gray 11:46
  • calendar-gray 11 April 2018

There is macroeconomic stability in Azerbaijan. The macroeconomic stability has very serious supports, Chairman of Central Bank of Azerbaijan Elman Rustamov said on April 11.

 

According to him, currency reserves have increased since early 2018.

 

‘Oil price remains stable. The oil price is 25% higher than previous year. Non-oil export increased, tourism develops and revenues from tourism increased. Economic activity has risen. This macroeconomic situation shows that there can be no question of devaluation in Azerbaijan. There is not a serious argument for this. We are also following our main trade partners. Changes in their currencies can create a volatility 0.2-0.3 percent. However, this is not serious. Exchange rate of manat is stable. WE meet al demands of banks. Sufficient cash have been brought to the country. We are ready to meet any demand for cash. General economy is stable. Stability of national currency is based on strong macro economy’, he said.  

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