Details added (first version posted on 14:02)
Baku, Azerbaijan, Nov. 30
By Anvar Mammadov – Trend:
Rate of the Azerbaijani manat has adapted to world oil prices, which varied within the range of $45-55 per barrel, said Elman Rustamov, head of the Central Bank of Azerbaijan (CBA).
“If the oil price increases or decreases by $10 compared to this interval, then income of the population will, respectively, increase or decrease by 1.7 billion manats,” explained Rustamov.
Rustamov made the remarks Nov. 30 during discussions on the draft state budget and concept of social and economic development in 2017 and the following three years.
Discussions on the budget started Nov. 30 during the joint meeting of parliamentary committees on defense, security and fight against corruption, on economic policy, industry and entrepreneurship, on agrarian policy, on public unions and religious structures and on natural resources, energy and ecology.
Rustamov went on to say that Azerbaijan has enough financial resources and funds for forming its own economic policy regardless of oil prices.
“There won’t be return to the previous economic model, which was based on oil sector,” he noted.
“We have already entered the post-oil era. Even if oil prices increase, there is no way back – to the previous economic model,” added the CBA head.
The exchange rate of the Azerbaijani manat to the US dollar decreased by 10.9 percent since the beginning of 2016 and reached record low – 1.7318 AZN/USD on Nov. 30.