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Expert: Azerbaijan should establish a specific exchange rate corridor

Javanshir Abdullayev: Or should be created a hedge fund that banks could convert dollars into manats

Baku. 26 May. REPORT.AZ/ Total volume of foreign exchange reserves of commercial banks in Azerbaijan is 2 billion USD. In order to attract these funds for the development of the economy, the central bank must set a specific exchange rate corridor.

Report informs, Director of the Azerbaijan Bank Training Center (ABTC) Javanshir Abdullayev said: "The government should establish a hedge fund that banks would able to convert the foreign currency resources in manats and transfer them to the real sector, or set a specific exchange rate corridor".

"The Central Bank since December, 2016 keeps rate in the range of 1,50-1,60 AZN/USD. Official exchange rate corridor should be established. The public must be confident that the rate will not rise above, that to convert dollars into manats. Or should be created a hedge fund that banks could convert dollars into manats,"said J.Abdullayev.

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