Baku. Musa Ahmadov - APA-Economics. “Azerbaijan needs to switch to soft devaluation of manat”, MP Vahid Ahmadov said during the discussion of draft state budget of for 2016 by the Committees on Economic Policy, Agrarian Policy, Natural resources and Energy, Social Policy, Security and Defence of Azerbaijani Parliament.
According to him, exchange rate of AZN against USD was determined at AZN 1.05 in the state budget for 2016.
“Manat approximately declined 35% after devaluation on February 21. Consequently, the population fell in trouble. Is the situation normal now? Central Bank of Azerbaijan is still interfering in the currency market. Currency reserves fell to AZN 7.4 bln, while they made AZN 15 bln before the devaluation. During this period, the CB currency reserves sharply decreased. The intervention caused sharp decline of currency reserves. I think the exchange rate of manat should be regulated on the basis of market prices. We cay face serious problems, it this step is not taken”, the MP said.
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