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Central Bank of Azerbaijan expects manat's nominal effective exchange rate to strengthen (UPDATED)

Economy Materials 1 May 2024 14:41 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, May 1. The nominal effective exchange rate of Azerbaijani manat will strengthen by 13.1 percent by the end of this year, chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during a press conference on changes in the parameters of the refinancing rate, Trend reports.

"The nominal effective exchange rate of the manat strengthened by 2.7 percent in the first quarter of this year. It is expected that by the end of the current year, the nominal effective exchange rate of the Azerbaijani manat will strengthen by 13.1 percent," he emphasized.

Meanwhile, the nominal effective exchange rate of the Azerbaijani manat against foreign currencies amounted to 103.7 points in April 2024, which is 0.1 percentage points higher than in the previous month, 1.7 points higher than at the beginning of the year, and 7.2 points higher than in the same period of last year.

To note, the CBA lowered the discount rate from 7.5 percent to 7.25 percent on May 1. The upper limit of the interest rate corridor was reduced from 8.5 to 8.25 percent, while the lower limit was kept unchanged at 6.25 percent.

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