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Azerbaijan managing manat rate at certain level to find its value – central bank
30 November 2016
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Central Bank of Azerbaijan has stopped intervention in currency market since February 2016, chairman of the Central Bank of Azerbaijan Elman Rustamov said at the discussion of 2017 state budget at the joint meeting of the parliament’s Standing Commissions on Economic policy, Industry and Entrepreneurship, Natural Resources, Energy and Ecology Affairs, Defense, Security and Combating Corruption, Agrarian Policy, Public Unions and Religious Organizations.
According to him, main principles of the floating rate are obeyed: “However, there is policy to manage exchange rate at the certain level in order manat to find its value. If we don’t manage manat today, we don’t know exactly what will happen to manat rate. Our target is to strengthen macroeconomic stability, stabilize manat rate at a desirable level, stabilize the prices, and reduce inflation. Then, we’ll have opportunities to switch to the development”.
