Azerbaijan, Baku, Dec. 7 /Trend A.Akhundov/
Exchange rate policy of the Central Bank of Azerbaijan (CBA) depends on the overall macroeconomic situation in the country, and the challenge is to avoid the real appreciation of national currency, CBA Chairman of the Board Elman Rustamov said to journalists on Wednesday.
"If the real exchange rate of manat strengthens, the terms of non-oil sector exporters' trading deteriorate. In case of maintaining a stable exchange rate, the terms also remain stable. If the rate reduces and inflation declines, our trading partners would have a competitive advantage," Rustamov noted.
Rustamov noted that it isn't only the task of 2012, but rather global problem. "Therefore, the exchange rate policy is one component of economic diversification, export potential increasing, and our main objective to prevent the appreciation of the real rate of manat, but not nominal," Rustamov said
According to the government's forecasts, the average rate of national currency with regard to the U.S. dollar will remain unchanged b y 2015 at 0.79 manat, as it was in 2011.
The government is stable with respect to the forecast of the dollar rate compared to euro and predicts a gradual strengthening of manat: by 0.26 percent in 2012, by 2.77 percent in 2013, by 1.68 percent in 2014 and by 0.41 percent in 2015.
The national currency compared to dollar strengthened since September 2010. During the year the rate of manat against the U.S. currency has increased by 1.64 percent in 2011, official rate on December 7 is 0.7864 AZN / USD. The dollar dropped by 1.4 percent in 2011.
Strengthening of the manat compared to euro began in January 2010.
Manat rate increased compared to euro by 1.03 percent during 2010, and by 0.3 percent during 2011.