He said that the massive dollarization could lead to the fact that 70 percent of manats supply would be converted into US dollars, and this would lead to loss of control over monetary circulation and the national currency rate, so it was decided to adjust the manat rate.
If the Central Bank did not change the rate of manat, then given the fact of devaluation of national currencies in neighboring countries, on the one hand, competitiveness of Azerbaijani goods on foreign markets would decrease, on the other hand, the situation of the local businesses that provide the domestic market with their products would have worsened, according to Rustamov.
On February 21, Central Bank has established rate of the manat to the US dollar at 1.05 manat per dollar (compared to 0.7844 manat earlier), which corresponds to the cheapening of rate by 33.9 percent. In this case, the official rate of the euro to the manat consolidated by 33.8 percent - up to 1,195 manats.
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