Central Bank’s chair: It is not serious to expect devaluation in Azerbaijan in 2019


February 1, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has commented on the situation with the exchange rate of the manat for 2019.

CBA chair Elman Rustamov stated at a press conference devoted to the end of 2018 that there is no reason to predict the next devaluation.

"It should be noted that Azerbaijan has stable macroeconomic situation in 2019, similar to the macroeconomic situation in 2018. Azerbaijan has sufficient funds and reserves to ensure the stability of the national currency. In 2019, transfers from the State Oil Fund of Azerbaijan are expected at the level of $6.8 bn," Rustamov said.

He pointed out that as a result of the measures taken, in particular the application of new budget rules, ensuring the stability of the exchange rate and other measures, the impact of volatility of oil prices on the manat rate has been neutralized for the medium-term prospect.