In 2009 Azerbaijan to Change Exchange Policy Focus

Business Materials 11 November 2008 19:33 (UTC +04:00)

Azerbaijan, Baku, 11 November / Trend , corr. I.Khalilova /"Azerbaijan's exchange policy will be diverted from disinflation goals to ensure financial stability in 2009. The main challenge will be to protect the competitiveness of national economy," Elman Rustamov, the chairman of the National Bank of Azerbaijan (NBA), said.

The national currency rate as for 2009 is AZN 0.8 against 1USD, compared to AZN 0.81 in 2008.

"Regulation of exchange of manat rate will also be carried out to prevent problems in emerging oil sector in Azerbaijan in terms of economic cataclysms," Rustamov added.

According to Rustamov, disinflation effect in 2009 is expected at the highest level since manat against the U.S. dollar strengthened to 4.4% and euro - over 15%. In general, the nominal effective rate of the manat against the currencies of major trade partner countries to strengthen by more than 12%.

The average inflation rate totaled 12% in trade partner countries enables to neutralize inflation import to Azerbaijan, Rustamov said.

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