ADB: Manat rate to remain stable in Azerbaijan until 2026

Azerbaijan's national currency is expected to remain pegged to the US dollar until at least 2026, as the pressure on the manat will ease significantly and the assets of the State Oil Fund will be sufficient to support demand for foreign currency, Report informs, citing the Asian Development Bank (ADB).

ADB recalled that the Central Bank of Azerbaijan fixed the exchange rate of the national currency against the US dollar at the level of 1.7 manats in 2017 to control inflation.

According to ADB forecasts, inflation in Azerbaijan will be 5.2% in 2022, 4% in 2023, 3.3% in 2024, 2.9% in 2025, and 3.2% in 2026. In 2021, consumer price growth in the country amounted to 11.5%.