MP: Transition to ‘full floating rate’ to be sooner or later


January 17, Fineko/ “For many years, the exchange rate of the manat has been maintained administratively. But the process cannot last long."

ABC.AZ informs that MP Vahid Akhmedov, a member of the Milli Majlis Committee on Economic Policy, Industry & Entrepreneurship, made the relevant statement, when commenting on the issue of maintaining the exchange rate of the manat by the administrative method.

He said that otherwise the US dollar would not have been able to stay at the level of 1.70 manats: "We see what is happening inside the country, inflation, processes related to import, export, circulation of money. The manat is saved administratively, and there are enough resources to save it. It is not known how long the administrative maintenance of the manat rate will last, 6 months, a year. But sooner or later the rate will be released and switch to a "fully floating course".

The MP linked the importance of preserving the manat with the construction works carried out in Karabakh:

"Construction works have begun in Karabakh. Foreign companies are working there. They want the national currency to be stable so that they don't have any problems. Maintaining the exchange rate of the manat is certainly important for the state and the nation. But the time will come when the manat will become an absolutely free currency."