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Azerbaijani president comments on drop in manat rate

23 December 2015 12:12 (UTC +04:00)

He made the remarks on Wednesday during the ceremony dedicated to sport results of 2015 at the National Olympic Committee.

According to the president, the key reason behind the drop in manat rate is the fact that the oil price has gone down thrice. “That is, the change in manat rate was inevitable. Over the past year, we tried hard to prevent it. We are awaiting the stability of the oil price. When the oil price stood at 50 dollars, we relaxed a little bit thinking there would be no devaluation,” he noted.

President Aliyev said currently the oil price is $36, and the recent decision made by the US on dollar has also a negative impact on the drop in oil prices. “There are other geopolitical factors here. I personally believe that there are no economic grounds in the sharp decline in oil prices,” he added.

“However, there has been some slowdown in the world economy, its rate fell slightly, but not so much that oil prices fell thrice during the year,” the president said, noting that its purpose is not a secret to anyone and simply, Azerbaijan suffers from this situation.