Elman Rustamov: 'Change in AZN exchange rate is not expected this year'

Baku. 9 May. REPORT.AZ/ 'We have carried out currency purchases in recent years. AZN is seeking for sustainability in floating exchange rate.

Report informs, Chairman of the Central Bank of Azerbaijan Republic (CBAR) Elman Rustamov told reporters.

'Everyone is interested in AZN forecast. It is related both with domestic and external factors. According to the current situation, no change is expected in AZN exchange rate this year. The economic situation allows us to say that. The exchange rate of AZN is not associated with oil prices, but with revenues of the State Oil Fund of Azerbaijan (SOFAZ)', E.Rustamov stressed.

He said that since beginning of the year, foreign exchange reserves of the CBAR has increased and reached to about 4,2 billion USD: 'If oil price rises, of course, our strategic foreign exchange reserves will increase'.