IMF: Exchange rate adjustments played crucial part in stabilizing economy after oil price shock

The devaluations of the currency in Azerbaijan were basically in line with oil price reductions

Baku. 16 September. REPORT.AZ/ Exchange rate adjustments have played a crucial part in stabilizing the economy after the oil price shock.

Report informs, IMF Mission Chief for Azerbaijan, Mohammed El Qorchi said in an interview with IMF News.

The devaluations of the currency, which were basically in line with oil price reductions, helped to avoid an excessive buildup of external imbalances, restored competitiveness, and preserved dwindling foreign exchange reserves.

Thus far in 2016, the authorities have allowed for greater exchange rate flexibility under the new regime to more fully absorb shocks.

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