Azerbaijan, Baku, May 22 / Trend , I.Khalilova/
The Central Bank of Azerbaijan, first, bases on financial stability when pursuing exchange policy, the banks' acting Director General Khagani Abdullayev said.
"The national currency rate to dollar has dropped by 0.3 percent since early 2009 and optimistic factors appeared on the market since early May," Abdullayev said.
He believes that there are all grounds for the stability of the manat course, and "the main thing is the country's balance of payments which is now in equilibrium and regulate itself. Those countries which have a great deficit have to go to the devaluation, but Azerbaijan has a great surplus." Surplus of the balance of payments is expected to be $5 billion in 2009, while the oil price amounts to $50.
To ensure the financial stability, the CBA has bought about $1 billion from the foreign currency market since early 2009, but the Central Bank purchased a lot of dollar back from the market and its volume was about $30-40 million in May.
Do you have any feedback? Contact our journalist at: [email protected]
