Some $2.1 bln withdrawn from market to preserve stability of national currency rate in Azerbaijan in 2013

Photo: Some $2.1 bln withdrawn from market to preserve stability of national currency rate in Azerbaijan in 2013 / Business News

Baku, Azerbaijan, Dec.26
by Emin Aliyev - Trend:

The Central Bank of Azerbaijan will take into account the previous goals of enhancing the competitiveness of the non-oil sector of the economy and maintaining the financial stability while conducting its exchange rate policy in 2014, the CBA report on the main directions of monetary policy and financial stability in 2014 said today.

"The CBA's exchange rate policy will be directed to support the stability of the national currency and to ensure a balance in the currency market in 2014," the CBA said. "The operational framework of this policy will be defined as part of bilateral targeting of the dollar- manat rate."

The surplus of balance of payments will become a major macroeconomic factor affecting the inflation rate, the CBA said.

"The excessive appreciation of the national currency rate was prevented in terms of a big surplus the balance of payments and active spending of growing cash for social and economic development," the CBA said. "Foreign currency to the amount of $ 2.1 billion was withdrawn from the market. As a result, the manat-U.S. dollar rate has appreciated by only 0.08 percent since early 2013. The Manat is the most stable and reliable currency in the region and is widely used in the border trade."

Translated by NH
Edited by CN

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