"Of course, holding a sharp devaluation would be contrary to the interests of economic agents, entrepreneurs and contributors (owners of manat deposits in banks). Unlike other countries, we have not taken this step. Definitely I would say that such a move and not assumed. Our main goal is to promote economic growth in the country, as the Head of State said, a policy to promote exports. Flexible exchange rate policy is an integral part of it", said E. Rustamov.
Rustamov noted that a flexible exchange rate policy may cause a rise in price of imports. However, today, Azerbaijan`s dependence on imports of the food products at a very low level. "That`s why we do not expect the import of inflation in Azerbaijan. There is no economic reason to rise in price of food products, "said the chief banker of the country.
Along with this, Rustamov noted that for the past 2 months in Azerbaijan there is a process of dollarization, this process will continue in the future: "I do not see anything strange. This issue is caused by psychological and environmental factors associated with the processes taking place in neighboring countries. For example, in Kazakhstan dollarization has exceeded 70%. The main reason for this is the sharp devaluation of the population and the loss of interest in the national currency."
Chairman of the Central Bank recalling that last year in Azerbaijan the inflation rate was 1.4%, said that this year inflation will be at a single digit, "using all means at our disposal, we will try to achieve this."
`There is no reason for a sharp devaluation in Azerbaijan`
18 February 2015
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"There is no reason for a sharp devaluation in Azerbaijan", said the Chairman of the Central Bank of Azerbaijan Elman Rustamov in the state television.
