Central Bank talks US dollar price in Azerbaijan

Economy Materials 10 March 2020 15:14 (UTC +04:00)
The dollar has not raised in price in Azerbaijan, despite the fall in oil prices
Central Bank talks US dollar price in Azerbaijan

BAKU, Azerbaijan, Mar. 10

By Yusif Aghayev - Trend:

The US dollar price hasn't changed in price in Azerbaijan, despite fall in oil prices, Trend reports referring to the country’s Central Bank (CBA) on Mar. 10.

Azerbaijani political scientist Sahil Iskandarli noted in an interview with International Television and Radio Broadcasting Company MIR that Azerbaijan was able to create a reliable "airbag" of gold and foreign exchange reserves in times when the oil price was over $100 per barrel, thanks to which it can keep the national currency from depreciating in extreme situations.

In April 2020, Saudi Arabia intends to increase oil production and will offer it at great discounts. According to the Financial Times, Saudi Arabia has announced its intention to produce more than 10 million barrels of oil per day and provide discounts on the sale for about 20 percent.

Oil quotes collapsed amid news that OPEC + participants on March 6 were unable to extend the agreement to reduce production. As a result, from April 1, no one will have any obligations to limit production.