Central Bank of Azerbaijan: Maintaining national currency stable is very important

Central Bank of Azerbaijan: Maintaining national currency stable is very important
# 03 September 2009 14:37 (UTC +04:00)
Baku. Vahab Rzayev - APA-ECONOMICS. In the face of the global financial crisis, several countries resorted to the devaluation of their currency, but none has taken this step willingly, said Elman Rustamov, Chairman of the Central Bank of Azerbaijan.

According to him, Azerbaijan weigh up and found stable currency more advantageous to the country than the devaluation.

“Our calculations and research show that the stable currency is of great importance for the economy and the country’s image, as well as our foreign partners, investors and depositors. The devaluation does not warrant increasing the competitiveness of the economy because inflation resulting from devaluation could nullify all the expected positive effect. For this reason, the government choose the stability of the manat as a priority,” he added.

With regard to currency intervention, this process is carried out in the open market and is often indirectly, he added.
#
#

THE OPERATION IS BEING PERFORMED