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Central Bank comments on refusal of floating exchange rate regime

17 January 2018 11:45 (UTC +04:00)

Central Bank of Azerbaijan (CBA) has commented on several reports regarding taking active part to regulate currency exchange rate.

‘Considering the ability to effectively absorb external shocks, the Central Bank of Azerbaijan will continue the floating exchange rate regime. According to evaluations, the projected volume of transfers from the State Oil Fund and the balance of payments in 2018 should ensure stability in the foreign exchange market. It is these fundamental macroeconomic factors that form the long-term trend of the manat rate", CBA said.

Earlier, analysts of BMI Research (a division of Fitch Ratings) said that the Central Bank of Azerbaijan again took an active part to regulate the exchange rate.