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Fitch: Azerbaijan adapts to low oil prices and exchange rates

Outlook: The economic downturn will increase pressure on banking sector

Baku. 29 June. REPORT.AZ/ Azerbaijan is gradually adapting to the low oil prices and sharp currency fluctuations that occurred in 2015. Report informs, on June 29 Fitch rating agency published in the official website a review of sovereign credit ratings of developing countries in Europe.

The agency says that the Azerbaijani authorities have focused on creating necessary conditions and the financial instruments to manage the floating exchange rate. Fitch also notes that Azerbaijan and Kazakhstan are trying to restore confidence in the national currency, and this process is happening faster in Kazakhstan.

The agency predicts a reduction of economies of both countries and double-digit inflation: "The economic downturn will increase pressure on the banking sector, which has already suffered from open foreign currency positions an limited capacity of urrency hedging."

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