‘Exchange rate of manat in the currency market stabilized in the condition of balance of payment with surplus’, Chairman of the Central Bank of Azerbaijan Elman Rustamov said at the plenary meeting of the parliament.
According to him, the exchange rate of manat has increased 4% since early 2017, 11.4% since late February. Rustamov said that the national currency was under pressure of strengthening in the last nine months. ‘However, more strengthening of manat would pave the ways to realization of several macro and micro risks. Macroeconomic rebalancing allowed reducing the use of oil revenues. Transfers from the Oil Fund declined and strategic currency reserves of the country were both saved’, he said.