Azerbaijani Economy 12 february — 12:34

Elman Rustamov about manat's floating rate

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The transition to the floating exchange rate regime of the manat should occur in stages, Elman Rustamov, Chairman of the Central Bank of Azerbaijan (CBA), said at a press conference today.

According to the head of the CBA, this process requires a certain time and a number of regulatory decisions.

Rustamov also said that prolonged holding of the dollar at AZN 1.7001 / USD 1 does not mean that the Central Bank refused from the floating exchange rate regime.

'The CBA does not particularly interfere in the foreign exchange market. Nevertheless, given the interest of the population and entrepreneurs, we do not want a sharp fall or rise in price of the manat. Therefore, in the exchange rate policy there is applied an intermediate regime, which is part of the floating exchange rate regime. The regulator aims at a low-volatility stable exchange rate, cheap money and low inflation, and all three indicators are equally important. The increase in the organisation's foreign currency reserves is due to the repayment by banks of their debts. At present, the CBA does not buy or sell dollars at currency auctions,' said the country's chief banker.

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