Fitch discloses forecast for Azerbaijani manat rate (UPDATE)
Details added (first version posted on 10:12)
Baku, Azerbaijan, Feb. 3
By Azad Hasanli - Trend:
Fitch Ratings expects the rate of Azerbaijan's national currency against the US dollar to remain at 1.7 manats within the next two years.
“In the context of gradually recovering oil prices and tight monetary and fiscal policies, the exchange rate has been stable since April 2017 at around 1.7 manats to the US dollar,” Fitch said. “This has in turn helped ease pressure on inflation.”
In 2017, the official exchange rate of Azerbaijani manat against the US dollar, set by the Central Bank of Azerbaijan (CBA), increased by 0.0706 manats or 3.9871 percent.
Accordingly, the average rate was set at 1.7205 AZN/USD in 2017.
Since Dec. 13, 2017, the official exchange rate of Azerbaijani manat against the US dollar is 1.7001 AZN/USD.
Standard & Poor’s Global Ratings Agency also predicts that the rate of manat against the US dollar will be 1.7 manats in 2018.