Baku, Azerbaijan, Sept.9
By Azad Hasanli - Trend:
Fitch Ratings international rating agency doesn't expect further devaluation of Azerbaijan's national currency (manat), Dmitry Vasiliev, director of the agency's Financial Institutions said in an exclusive interview with Trend Sept.9.
Nevertheless, he believes that given the low oil prices, certain risks remain for Azerbaijan.
As distinct from Azerbaijan, other CIS countries faced a deeper devaluation, however, in the case of Azerbaijan, Fitch doesn't consider this as a baseline scenario, according to the expert.
"It is difficult to estimate the probability [of the repeated devaluation], but we can say that today, it is below 50 percent," said Vasiliev.
With the decision of the Central Bank of Azerbaijan on Feb.21, 2015 the official exchange rate of the US dollar was set at 1.05 manats which means devaluation of manat by almost 34 percent.
Edited by SI