Azerbaijan, Baku, May 29 / Trend , N. Ismayilova/
Azerbaijan's national currency depreciated 0.3 percent for the last four years. Manat remains one of the most stabile currencies on the backdrop of global financial crisis, Azerbaijani Central bank Director Elman Rustamov said at discussions on report of the 2008 state budget fulfillment in the parliament.
"Rate of Azerbaijan's national currency is stabile while other former Soviet countries are witnessing great devaluation of 20-40 percent," Rustamov said.
The Central Bank builds its rate policy first of all on financial stability. There are all factors for stabile rate and the important is country's balance of payments, the surplus of which was $1.5 billion for the last four months. This fact gives hopes for future, he said.
The surplus of balance of payments is expected to total $5 billion with oil prices at $50 per barrel.
To ensure financial stability, the Central Bank sold nearly $1 billion in the currency market since the early 2009. The bank bought back the money supply in May. It totaled about $30-$40 million.
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