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    ​Elman Rustamov: There's no serious reasons for concern today

    CBAR Chairman: The main objective is to stabilize the economy around the price range of 25-30 USD a barrel

    Baku. 19 January. REPORT.AZ/ "The information on the sharp rise of dollar to 2 AZN is groundless."

    Report informs, it was said by the chairman of the Central Bank of Azerbaijan Republic (CBAR) Elman Rustamov at today's extraordinary plenary session of Milli Majlis: "We have about 40 billion USD. This is enough to maneuver. Therefore, we must carefully handle the strategic reserves."

    "We see the situation of the countries in arrears. They cannot maintain their independence. We have 3 months to buy the currency on the market. The fall in oil prices since June aggravated the situation. They say we've lost time. However, we knew that stabilization of manat was impossible. So we had to utilize the policy of "floating exchange rate". The economy must adapt to the oil prices, "- said the chairman of the CBA.

    "We were also instructed to manage the exchange rate of manat, using funds of SOFAZ. The rate of manat is largely dependent on external factors, fluctuations in oil prices, the devaluation in partner countries is forcing us to consider all these factors," said Rustamov.

    The central banker said that more than 200 points of currency exchange had already been eliminated.

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