"High oil prices in the world markets are strong support for the exchange rate of manat," Chairman of the Central Bank of Azerbaijan Elman Rustamov told Report.
According to him, the oil prices are directly affecting the balance of payment, current account balance: "However, it's unknown how long it will last."
"Leading international organizations have raised the consensus price of oil this year. At least in today's forecasts are limited to the current year. As you know, the world economy is currently experiencing severe turbulence. The Federal Reserve, the leading central banks around the world are expected to take steps to tighten monetary policy. This is also related to oil prices. Therefore, I suggest waiting. However, the forecast of high oil prices this year has already been confirmed by the International Monetary Fund and a number of institutions. This is significantly higher than the price we set in the state budget. This means that we will have additional foreign exchange reserves," Rustamov said.