Azerbaijan defines reasonable oil price for economy (UPDATE)
Details added (first version posted on 14:57)
Baku, Azerbaijan, Jan. 19
Azerbaijan will build the country's economy based on the oil price of $25-30 per barrel, the chairman of the Central Bank of Azerbaijan Elman Rustamov said Jan.19.
He made the remarks during the meeting of the parliamentary committee on economic policy.
"Now it is our main objective in terms of stabilization of the manat rate and preservation of macroeconomic stability," he said.
The head of the Central Bank of Azerbaijan called the devaluation of the manat "a hard fall" and said that it was not comfortable for population, financial and banking sector, business or government.
At the same time, Rustamov added that Azerbaijan's international reserves reach $40 billion, and not even all exporting countries have such figures.
"These funds are enough for maneuvers, diversification of economy and transition to a more sustainable foundation," he said.