President Ilham Aliyev: "The rate of manat is stable, and mustn’t appreciate"

President Ilham Aliyev: "The rate of manat is stable, and mustn’t appreciate"
# 28 January 2015 01:12 (UTC +04:00)

Baku-APA. "The rate of manat is stable. No negative impact is felt on the rate of manat in connection with the fall in oil prices in the world. On the contrary, AZN is even stronger”, - Azerbaijani President Ilham Aliyev said at the conference on outcomes of the first year of implementation of the “State Program on socio-economic development of districts of the Republic of Azerbaijan in 2014-2018” at the Heydar Aliyev Center, APA reports.

The President noted the importance of addressing this issue: "Because at the time, when we held a monetary reform, one manat was equal to one dollar. Subsequently, with the strengthening of the manat, 1 manat began to cost 1.3 dollars. Somehow manat was connected to the euro. Now one manat is more valuable and expensive than one euro. Of course, to address social issues is a positive factor. However, we need a comprehensive approach to all issues. For our economy, the export potential is not as positive phenomenon. Therefore, I believe that further appreciation of the manat against the euro is not a good thing. I believe that the macroeconomic situation will be provided if manat will remain at euro. At the same time, it is only a positive impact on people's daily lives. At the same time, no problems should arise for our exports. Because, Azerbaijan's economy should continue to grow as the export-oriented economy. Therefore, the development, promotion of exports today is a topical issue. Manat’s rate plays an important role here. Therefore, I believe that the appropriate structures, governments, central banks have with the attention to this issue in order to avoid an excessive rise in price of the manat."

"We have a large enough financial resources. External debt is only 8 per cent of GDP. This is one of the best indicators in the world. For this indicator, we may be in the top ten countries in the world. All the tasks we performed at the expense of internal resources. The amount of external debt should always be at a low level. We, in fact, can repay the debt in one day. Because foreign debts in relation to our foreign exchange reserves, are just over 10 percent. This is a positive development, and should remain positive. Funds for repayment of external debt and budgeted this year”, - Azerbaijani President Ilham Aliyev said.

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