MP’s statement: Can US dollar rise in price in Azerbaijan?

11:59 - 15.04.2024

April 15, Fineko/ The US dollar is strengthening again in the global market. Over the past 1 month, the euro has lost about 3% in value against the dollar. Currently, 1 euro is worth only 1.062 dollars. The strengthening of the dollar is linked with the fact that, amid regional conflicts, investors are increasingly investing in the American currency, and the US economy is recovering.

ABC.AZ reports that Vugar Bayramov, a member of the Pparliamentary Committee on Economic Policy, Industry & Entrepreneurship, wrote about this on his social network account.

He noted that in March of this year, 303,000 additional jobs were created in the U.S. The inflation rate, on the other hand, is closer to the target range, about 2%. The dollar is also strengthening compared to most other basket currencies.

"Can the dollar rise in price in Azerbaijan? The exchange rate of the manat to the dollar will depend on the state of the balance of payments, or rather, on the price of oil, as noted in Central Bank’s statement on the main directions of monetary policy for 2024.

Although the foreign exchange supply and demand of the fiscal sector, as well as exchange rate expectations of economic entities are grouped as the main factors affecting the equilibrium in the foreign exchange market, it is obvious that these indicators will also directly depend on volatility in the energy market," he said.