Minister of Finance announces measures to stabilize rate of manat

Baku. 26 September. REPORT.AZ/ "After a balance between currency imported into and exported out of the country, manat will found its just rate."

Report informs, Azerbaijani Minister of Finance Samir Sharifov said.

The minister noted that the rate of manat will be brought into line with the market economy of Azerbaijan: "Central Bank of Azerbaijan (CBA) closely monitors this process and if necessary, the CBA will make adjustments necessary to ensure a balance between currency imported and exported outside the country."

According to him, foreign exchange earnings in the country decreased, and now works to help manat to find its just rate is under way: "The process depends on several factors. High prices for our main export product - oil have a positive effect on the rate of manat. In low prices, the reverse process continues. It’s necessary to ensure the reduction of import operations, and develop local production."

The minister noted that the government entrusted with import substitution by developing local production: "This will prevent the export and exit of currency abroad. At the same time, we must ensure the inflow of currency into the country. Oil is our traditional export product, but we have to expand our export products. After solving of these two problems, manat will drop and may strengthen a bit."