According to him, Azerbaijan is not fully ready for switching to floating exchange rate policy: “Because if it’s switched to floating exchange rate policy in this situation, then national economy can suffer more damage”. Therefore, it’s preferred controlled rate of exchange”.
According to senior banker, in order to switch to floating exchange rate policy, it’s needed organizations getting a lot of currencies: “There are only three organizations - Central Bank of Azerbaijan, SOCAR and SOFAZ. If we switch to floating exchange rate policy, manat can rise or decline 20-30% depending on market. Therefore, we prefer controlled rate of exchange”.
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