Azerbaijan, Baku / Trend corr A. Badalova / There will be no calamity in the near future in connection with the US dollar, the Deputy Chief Editor of Russian Kommersant newspaper, political scientists Azar Mursaliyev, said.
"The dollar is an exaggerated currency not having any real content, but is necessary for the entire world. Therefore a radical drop of the dollar will not occur," Mursaliyev said by telephone on 4 September.
In Moscow Inter-bank Currency Exchange the US dollar dropped compared to Russian rouble. This was caused by the situation in international exchanges where US dollar dropped compared to the euro. The correlation between the European and US currency is now €1:$1.3622. In a short time the rate of the European currency increased by 0.04% in the world market compared to the US currency.
According to the political scientist, while the US market is capacious and important for world's economy, the dollar will be maintained.
"Recent crisis events in world exchanges have shown that practically all banks, Asian and European, as well as Russian Central Bank has resorted to interventions in exchanges in order to stabilize the dollar. Obviously, one day the world will look for some alternative to the dollar. Local alternatives already occur," he said.
According to Mursaliyev, it is very difficult to make any forecasts as the situation could depend on many factors. "If the United States begins military operations in Iran, the dollar will consolidate and stabilize and the prices for oil will once again increase," Mursaliyev added.
The dollar can be consolidated at the expense of any action of the US Federal Reserve System, he noted. "Stabilization of the dollar depends on 3 things, policy of the federal reserve system, the economic situation in the US and oil prices," he said.