Baku. 17 March. REPORT.AZ/ e Federal Reserve is keeping a key interest rate unchanged in light of global pressures that risk slowing the U.S. economy.
As a result, Fed officials are forecasting that they will raise rates more gradually this year than they had envisioned in December. The officials now foresee two, rather than four, modest increases in the Fed's benchmark short-term rate during 2016.
Today the exchange rate of Azerbaijani manat to US-dollar has positively impacted by the Fed's decision. Thus, this morning sale price of US-dollar fell to 1,59 AZN/USD at the commercial banks. CBAR official exchange rate for today made 1,6102 AZN/USD.
Analytical Group of Report News Agency believes that significant negative change will not occur in global financial markets until expected interest rate increase by Fed in June. Oil price is expected to rise up to 50 USD per barrel by summer months. Against the background of eakening of dollar and rising of oil prices, AZN/USD exchange rate is planned to fall to 1,50-1,55 AZN/USD.
But in the second half of the year, again negative trend of the global financial markets, weakening of manats as a result and reach 1,80-1,90 AZN/USD is expected.