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Will decline in value of neighboring countries’ currencies affect the manat?

31.03.2021,15:22


March 31, Fineko/abc.az. The Central Bank reacted to the decline in the exchange rate of national currencies against the US dollar in neighboring countries. From the statement, it becomes clear that the Central Bank's position on the manat exchange rate will be decisive in the following periods.

ABC.AZ reports that economist, MP Vugar Bayramov wrote about this in his social network account.

Bayramov noted that the depreciation of national currencies in the leading countries of the region currently has a psychological impact on our foreign exchange market, rather than an economic one: "At the same time, as can be seen from the Central Bank's statement, world oil prices in this context are a more important indicator, because about 85% of the currency entering the country is formed by the energy sector. And at present, the price of oil can be considered acceptable for the Central Bank. However, we should take into account the high volatility in the oil market."