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Expert: Prices for consumer products will increase by 10-12% - REVIEW

Those who took loans in foreign currency, as in dollars or euros, of course, will face with problems

Baku. 21 February. REPORT.AZ/ Most of equating the rate of AZN to the US dollar will hurt the consumer market, and that's to say the population, said to the Report expert economist, former Deputy Minister of Economy, Oktay Hagverdiyev, commenting on official exchange rate of manat to US dollar today.

"As a result, the money mass in AZN will increase at turnover, thus, the people will sell the manat and buy US dollars", said O. Hagverdiyev.

According to him, as a result of the fall of purchasing power of Azerbaijani manat, consumer prices begin to rise.

"I think, prices for consumer products will increase by 10-12%. Especially, at the consumer market, except the legal persons, bying who buy equipment and raw materials for dollars abroad for their activities, and sell them in AZN", he stressed.

Commenting upon the payment of loans against equating the manat to the US dollar, the expert said that with the loans will happen the same, that happened in Russia.

"Those who took loans in foreign currency, as in dollars or euros, of course, will face with problems", said O. Hagverdiyev.

Commenting on the policy of the Central Bank of Azerbaijan (CBAR), he named the wrong monetary policy of the Central Bank to support a stable exchange rate of AZN.

At the same time, he commented the statement of the Central Bank's governor Elman Rustamov, who stressed that the fall in the value of the manat will be smooth.

He stressed that the state took precedence over social policy, and therefore the rate of manat was kept stable.

According to him, the state may intervene in the process to change the outcome of the Central Bank's measures, but it will be limited with the issuance of credit loans, for the aim of supporting Azerbaijani bank system. 

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