Axar.az
UP
23 July 2018


"This decision has fully justified itself"

Home page Economy
12 Punto 14 Punto 16 Punto 18 Punto

The transition to the floating rate of the national currency in Azerbaijan has justified itself, head of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters March 2.

“Given the current conditions, considering the situation in the global economy, this is the right decision, and it corresponds to strategic interests of Azerbaijan,” he said.

He went on to add that the Azerbaijani manat will remain in ‘floating’ mode until its stability is ensured.

Rustamov further said that Azerbaijani banks receive sufficient foreign currency volume through auctions.

“Today we hold auctions, and, as one can see, there are no other parallel processes on the market,” he said. “We have our own schedule in accordance with which we carry out the auctions.”

He said that the task of the Central Bank of Azerbaijan as the regulator is not to provide banks with foreign currency, but to prevent sharp fluctuations of the manat exchange rate.

“A revised state budget for 2016 has already been adopted, and it envisages the transfer program, which is the main channel for providing market with foreign currency,” Rustamov said.

Date
2016.03.02 / 13:00
Author
Axar.az
Comments
See also

SOCAR buys new gas pipeline networks

Oil price goes down

Big companies working to counter Trump's tariff plans

Trump continues to rip Fed over interest rate hikes

Azerbaijani oil price soars by over 2%

Azerbaijani gas will take its place in EU space soon

Europe may be about to ignore US on Iran in practice

Oil prices go down

$250 billion invested in Azerbaijan during past 15 years

World's leading crypto currencies soar

Latest
 
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla