Azerbaijan Central Bank to ensure shift to floating manat rate

  09 December 2016    Read: 1457
Azerbaijan Central Bank to ensure shift to floating manat rate
The Central Bank of Azerbaijan (CBA) will ensure a full shift to the floating manat rate in 2017, said the Strategic Road Map for the Azerbaijani National Economy Prospects.
According to the document, in order to reduce the negative impacts of the sharp decline in oil price on Azerbaijan’s foreign and domestic economic balance, increase international competitiveness of the economy, as well as preserve the foreign currency reserves, the Central Bank of Azerbaijan made a decision to switch to floating-managed exchange rate regime on December 21, 2015.

In order to ensure full shift to floating manat rate, it’s needed to revise content of the current rate. One of the conditions to ensure full shift to floating rate is to achieve introduction of other instruments allowing development of financial market, insurance against hedging and exchange rate risks in the market.

According to the Action Plan, Azerbaijan will ensure full shift to floating manat rate in 2017.

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