CBA head: Manat to keep stable exchange rate (UPDATE)

Business Materials 9 May 2016 12:15 (UTC +04:00)

Details added (first version posted on 10:44)

Baku, Azerbaijan, May 9


Azerbaijani manat will keep a stable exchange rate until the end of 2016, Elman Rustamov, chairman of Azerbaijan's Central Bank (CBA), told reporters May 9 in Baku.

Rustamov added that manat's exchange rate is determined in accordance with market demand.

He noted that recently, the CBA bought about $85 million for the manat rate's stabilization.

"Manat is still in search of stability against the background of the floating exchange rate," said the CBA head.

As for the forecasts, Rustamov noted that they depend on internal and external factors and oil prices.

He also said that the current situation allows saying that no major changes regarding the national currency are expected until the end of 2016.

"Oil prices and the overall economic situation in the country allow to say that," he noted.

Regarding the growth of the country's foreign exchange reserves [against the background of rising oil prices], the CBA head said that this is related to the oil fund revenues, but not with the rising oil prices.

"Our foreign exchange reserves have increased since the beginning of the year and as of today it is $4.2 billion," said Rustamov.

He added that foreign exchange revenues were obtained both from the management and the market.

The official exchange rate of the Azerbaijani manat against the US dollar was set at 1.5094 manats for May 10.

Manat's rate against the US dollar has strengthened by 0.04 percent as compared to May 6.