US-dollar rate in Azerbaijan will stabilize at 1,75 AZN/USD

US-dollar rate in Azerbaijan will stabilize at 1,75 AZN/USD Report experts: Too early to talk about exit from the crisis
Analytics
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February 23, 2017 14:51
US-dollar rate in Azerbaijan will stabilize at 1,75 AZN/USD

Baku. 23 February. REPORT.AZ/ Cash and the official exchange rate of US-dollar in Azerbaijan's currency market will soon stabilize at around 1,75 AZN/USD. Analytical Group of Report News Agency notes, in spite of the stabilization of the official rate of the Central Bank of Azerbaijan (CBA) at 1,75 AZN/USD, depending on movement of funds in cash market, the exchange rate will change in range of 1,70-1,80 AZN/USD.

"This monetary policy will allow businessmen to plan their businesses, which will lead to their activation. In addition, after a certain time it will accelerate the transition of the population to manat assets. Thus, profitability difference of dollar and manat deposits now stands at 12 percentage points. With the growth of public confidence in stabilization of US-dollar, it will direct attention to manat deposits with a yield of 15% per annum", the analysts added.

Notably, in the coming year a sharp strengthening of US-dollar and sharp drop in oil prices on the world market is not expected, and these factors create conditions for stabilization of dollar in Azerbaijan: "In the second and third quarter balance of payments in Azerbaijan formed surplus. Also gradual increase in surplus is expected, which will ensure stabilization of manat. However, it is too early to talk about exit from the crisis. It is necessary to carefully review the situation in the global financial, product and capital markets."

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