Devaluation of manat not included in NBA agenda
Azerbaijan, Baku, Feb. 27 / Trend , N.Ismayilova /
The National Bank of Azerbaijan (NBA) will prevent the national currency's devaluation, NBA Board Chairman Elman Rustamov said at a news conference.
"The NBA will protect the national currency. We consider this a serious issue. The devaluation of the manat is not included in our agenda," Rustamov said.
The NBA will retain the national currency's stability.
The NBA has sufficient strategic currency reserves to covers 2.2 times the manat's turnover.
In January-February, the NBA sold $300 million in manat exchange.
"Exchange devaluation in neighboring countries has a serious psychological effect on Azerbaijan. Although the manat has reduced 0.5 percent to the dollar and increased 9 percent to the euro, this has had a psychological effect on the population and corporative sector," Rustamov said.
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