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CBA Chairman: Next devaluation will not occur
26 February 2016
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Chairman of the Central Bank of Azerbaijan Elman Rustamov commented on reports that the next devaluation will occur on the eve of Novruz holiday.
Rustamov noted that these reports are groundless: “As you see, Azerbaijani manat strengthens against foreign currencies. On the other side, state budget was revised. At the same time, oil price remains stable recently. Situation on county’s foreign balance is also going to be normalized. No problem is observed in the exchange rate of manat after switching to floating rate. These facts indicate that the next devaluation will not occur”.
