In January-November, 2006, the exchange rate of the National Currency (Manat) to USD improved by 5,04%. The Central Bank of the Country will keep a soft policy toward that rate till the end of the year, Avtandil Babayev, Director General of the Central Bank, told Trend.
Both the export-oriented countries and Azerbaijan are strengthening their national currencies due to the increase in currency flow into the country. Taking into consideration the above-mentioned, a pressure on Manat is set to increase as well, said Mr. Babayev. He said that this process will continue in the future as well, and next year, the dynamics of the rate will be ensured.
The situation will be forecasted for the investors. We do not expect serious change in the Central Bank control. This is the process where the early forecasts will be incorrect. We evaluate our potential taking into account the parameters of the State Budget, forecast of the payment balance, as well as possibility on regulating the money policy, and we will ensure the dynamics of the exchange rate of Manat in the necessary frames, said Mr. Babayev.
In 2006, the participation of the National Bank in the currency market of the country has reached $765 mln. We are preventing the serious rise in the rate, and paid particular attention to this issue during the meeting held at the Presidential Palace over the results of 9 months in 2006. This issue is in the focus of the attention of the Central Bank. Measures are taken into consideration with the aim of improving Manat to USD, he said.