Azerbaijani Economy 9 april — 17:28

Elman Rustamov said again: 'There'll be no devaluation'

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Chairman of the Board of the Central Bank of Azerbaijan (CBA) Elman Rustamov notes the absence of a fundamental basis for the devaluation of the national currency - manat.

'There are no fundamental aspects for reducing the rate of the manat against the dollar,' E.Rustamov said at a press conference.

According to him, at present the CBA is facing the task of providing flexibility of the manat rate. 'In this direction, the CBA and the Ministry of Finance are doing a great job, the main thing is to prepare and adopt budget rules, after which the manat flexibility policy will be ensured,' he added.

In 2015-2016, as a result of devaluations, manat has fallen in price more than twice against the dollar. In 2017, manat strengthened to the dollar by 4% due to the tight monetary policy pursued by the CBA. In the first quarter of 2018, the manat to the dollar strengthened by 0.01%.

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