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Elman Rustamov: Sale in currency auctions increased by $3.5 billion in H1

01 August 2018 12:17 (UTC +04:00)

In the first half of 2018 monetary condition changed to approach to neutral level, monetary base was extended and discount rate was reduced, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov said at the press conference.

‘Exchange rate of manat against USD remained stable, its nominal effective rate increased. Nominal exchange rate on the non-oil sector strengthened by 4.9% in the first half. Inflation in Azerbaijan was lower than in its partners and this had reducing affect on the exchange rate of manat. Real effective exchange rate of manat strengthened by 1.2%. Since end of 2014 real effective exchange rate of manat has declined by 35% and this supported competitiveness of non-oil sector’, he said.

Rustamov noted that currency sale in auctions increased by $3.5 billion, of which ¼ was directed to the need of the state.