Azer Alesgerov: SOFAZ’s currency proposal will remain more stable for years after switching to fiscal rules

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# 08:46
1 March 2018

If needed, the Central Bank of Azerbaijan will interfere in currency market taking into account t the daily processes, Director of Central Bank’s Monetary Policy Department Azer Alesgerov said at the annual conference of Fitch held in Baku.

 

According to him, the interference will be limited: ‘As a Central Bank, we’ll create condition for exchange rate to depend on the demand and supply. Measures in other sectors of economy will also affect the exchange rate. We observe significant progress in balance of payment in the non-oil sector. We have also achieved positive balance in tourism services and capital account. Improvement of economic situation in partner countries has positive impact on currency receipts. All these tendencies will affect currency market. SOFAZ’s currency proposal will remain more stable for years after switching to fiscal rules. Up to now, SOFAZ’s proposals were changeable’. 

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THE OPERATION IS BEING PERFORMED