Azerbaijani manat seeking its niche – minister (UPDATE)
Details added (first version posted on 11:32)
Baku, Azerbaijan, June 8
By Anvar Mammadov – Trend:
The Azerbaijani manat is gradually strengthening and seeking its niche, said Azerbaijan’s Economy Minister Shahin Mustafayev at the EU-Azerbaijan Business Forum in Baku June 8.
Currently, the country is conducting major measures to ensure the macroeconomic stability, noted the minister.
“As a result, the Azerbaijani manat has been strengthening since the beginning of the year. The manat’s rate has stabilized and the manat gradually looking its place,” he added.
Azerbaijan’s gold and currency reserves are also increasing despite low oil prices, said Mustafayev.
“During the first four months of this year, gold and currency reserves of Azerbaijan rose by $1.3 billion and amounted to $39 billion. This exceeds the country’s foreign state debt by 3.2 times,” added the minister.