FED interest rate hike not to have impact on Azerbaijani currency

  25 May 2016    Read: 1065
FED interest rate hike not to have impact on Azerbaijani currency
The US Federal Reserve System`s (FED) increasing the key interest rate won`t have a strong influence on Azerbaijan`s financial market and the exchange rate of manat, President of the Central Bank of Azerbaijan Elman Rustamov told reporters May 24.
He said the FED`s decision is not a fundamental factor affecting the rate of the manat against the US dollar.

"Decisions by the FED aren`t among the main factors affecting the exchange rate of the manat," he said. "Oil prices, dynamics of exchange rates of the currencies of Azerbaijan`s neighbors, as well as the state of the balance of payments of Azerbaijan, which by the way is now quite stable, are more fundamental factors."

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