Azerbaijan, Baku, June 29 / Trend N. Ismayilova /
The main objective of the Central Bank of Azerbaijan (CBA) is to ensure a stable exchange rate of manat, which successfully implemented, CBA deputy chairman Aftandil Babayev said.
CBA changed the structure of the currency basket, defining it in a ratio of 90 to 10 percent in dollars and euros, respectively. The Central Bank passed to the maintenance of cost of the Azerbaijani manat, through the introduction of a mechanism of a currency basket consisting of dollar and euro March 11, 2008. The structure of the basket in 2008 was determined at a ratio of 70 to 30 percent in dollars and euros, respectively.
"We passed to the mechanism of regulation of the currency basket of exchange rate of manat, given the growing interest in dollar. Now we are focused on maintaining a stable currency. The last period has shown the correctness of our decision. The main goal is to maintain control over the change in dollar. It does not disturb us, " Babayev said.
Analysis of the previous period (before the introduction of dual currency mechanism) showed that the introduction of a new concept allowed providing for a neutral level of nominal effective exchange rate of manat to the currencies of major trading partners in a global intensification of inflation. Thus, the introduction of dual currency mechanism enhanced the effect of inflation on imports, and reduced the risks of economic subjects, conducting operations with the countries of the eurozone. It allowed to neutralize fluctuations between the rate of manat towards euro.
On June 29, the official exchange rate is 0.8039 manat to $1.