Drop in oil prices not to lead to Azerbaijani currency re-devaluation (UPDATE)
Details added (first version posted on 16:40)
Baku, Azerbaijan, June 8
By Azad Hasanli - Trend:
A possible drop in world oil prices below $50 per barrel mark will not lead to a repeated devaluation of Azerbaijan's national currency, said Raja Almarzoqi, the chief of the mission of the International Monetary Fund (IMF) in Azerbaijan.
He made the remarks speaking to reporters in Baku on June 8.
Almarzoqi said this is due to the fact that Azerbaijan's government has included the oil price into the 2016 budget at the level of $50 per barrel.
He said that now for the country's government the main thing is to fight corruption, improve the customs procedures and the business environment.
Almarzoqi said it is quite clear that the Azerbaijani government's spending is now reducing, but if the above mentioned criteria are met, this will lead to economic revival, nullifying the probability of the national currency's weakening.
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