ABA: Manat rate depends on economic processes in Azerbaijan
Baku, Azerbaijan, June 21
By Anvar Mammadov – Trend:
The rate of Azerbaijani manat directly depends on the economic processes occurring in the country, head of the Azerbaijan Banks Association (ABA), Zakir Nuriyev said June 21.
Stabilization of the manat rate in recent months does not mean it will always be at the current level, he told reporters in Baku.
“The Central Bank [of Azerbaijan] pursues the policy of floating manat rate, therefore the rate may rise and fall depending on the economic processes in the country,” Nuriyev said.
Meanwhile, the processes in certain sectors of Azerbaijan’s economy are unlikely to have a systemic impact on the manat rate, according to the ABA head.
“The rate depends on many other parameters, so the influence of certain sectors in a short period of time will be minimal,” he noted.
The Central Bank of Azerbaijan announced switching to the floating rate of manat from 2017.