President Ilham Aliyev: 'Changing of manat's rate was inevitable'

'Natural economic basis for sharply decrease of oil price doesn't exist'

Baku. 23 December. REPORT.AZ/ 'Despite continuation of political and economic tension in the world, Azerbaijan develops. But decrease in oil price caused reduction of Azerbaijan's incomes, budget costs, exchange rate of national currency.'

Report informs, Azerbaijani President Ilham Aliyev said at the ceremony dedicated to 2015 sports results.

'Reduction of oil revenues, of course, negatively affected our national currency. Main reason of change of exchange rate of manat is thrice drop on oil price. Namely, change of exchange rate of manat was inevitable. We tried during the year to maximally prevent it. We predicted oil price to become stable. When it was stabilized in 50 USD level, we calmed a little that there will not be need for devaluation. But now oil price fell to 36 USD. Latest decision adopted in U.S. on dollar serves decrease in oil price. There are other geopolitical reasons, too. I think that natural economic basis for sharply decrease of oil price does not exist. It is true that world economy is undergoing a decline, rates slightly reduced. But not in such level that oil price to unexpectedly decrease thrice within a year. I consider that it is deliberate policy. Purpose of this policy is not a secret to anyone. Simply, Azerbaijan suffers this situation', President Ilham Aliyev stated.