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Elman Rustamov Predicts Stable Manat Rate by End of Year
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Elman Rustamov Predicts Stable Manat Rate by End of Year

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Macroeconomic indicators give reason to predict that the manat rate will remain stable until the end of the year.

The Chairman of the Board of the Central Bank of Azerbaijan Elman Rustamov said this at a press conference on Friday.

Among the factors contributing to the preservation of the stability of the national currency, Rustamov called high oil prices on world markets.

In addition, trading at the currency auctions of the CBA also gives grounds for an optimistic forecast about the manat rate.

“The State Oil Fund even lags behind its currency sales schedule. Demand and supply at currency auctions almost coincide. In the first quarter, the Oil Fund sold $ 1.5 billion at foreign exchange auctions, and to date, $ 1.9 billion. According

to the schedule, the Fund lags $ 100 million behind the schedule in sales,” the head of the CBA said.

He also noted that from the beginning of the year there was no need for currency interventions by the CBA.


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