“Therefore, USD rate has not strengthened in the world markets: “On the other side, such decision might have a psychological impact on our currency market as an expectation that has not an economic ground. So, according to the new exchange rate regime announced by the Central Bank of Azerbaijan, USD rate is formed depending on demand-supply ratio in the currency market. The demand-supply ratio in the foreign currency market depends on situation of Balance of Payment and SOFAZ auctions for budget needs. Despite the oil price is a significant factor affecting on long-term dynamic of indicators on balance of payment, significant changes are occurring on other important components such as product and service import of balance of payment, non-oil export, direct and portfolio investments. Moreover, the measures on dedollarization are also one of factors affecting demand for currency. The analyzes show that the changes occurred in the exchange rate in 2015 have a balancing impact on balance of payment and rate of manat against USD has adapted to the new exchange rate regime”.
On June 15, the FED left interest rates unchanged.
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