Elman Rustamov promises president that manat rate also to be kept this year

16:53 - 14.01.2020


January 14, Fineko/abc.az. This year’s main objective is inflation.

This is also fundamentally important in the formation of income for the population, protection of the purchasing power of the manat, and prevention of the depreciation of assets and savings of the population.

ABC.AZ reports that the statement was made by Central Bank’s chairman Elman Rustamov at the 13 January meeting chaired by President Ilham Aliyev and dedicated to the results of 2019.

Rustamov noted that the government's official baseline forecast is also known this year.

"We believe Central Bank's forecast does not change, and it is planned to stabilize inflation within 4%," Rustamov said.

According to the CBA chair, in close coordination with governments in this direction, we’ll carry out all the work to achieve this level of inflation: "Of course, there are a number of factors. The main of the factors is the stability of the manat. We believe that in government’s official basic forecast our balance of payments is $55 (the price of a barrel of oil; ABC.AZ’s note) will be positive this year that will allow gathering foreign exchange reserves. But we hope that, on the one hand, measures taken to increase the actual price of oil and diversify foreign exchange funds and foreign exchange earnings will allow to have more balanced foreign exchange market. We consider that the stability of the manat exchange rate will be maintained this year as well."

By Elmir Murad

 

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