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Central Bank of Azerbaijan to increase exchange rate flexibility

Central Bank of Azerbaijan to increase exchange rate flexibility

15 October 2009 09:25 (UTC +04:00)

Baku. Nijat Mutsafaev - APA-ECONOMICS. The Central Bank of Armenia (CBA) will increase the flexibility of exchange rate policy in the long term, said Khagani Abdullayev, the general director of the Central Bank.

Taking into account the specification of 2009, the central bank will ensure the stability of the manat next year too.

"But the CBA will increase the flexibility of the exchange rate in the longer term as recommended by the International Monetary Fund,â€ he added.

He added that Azerbaijan’s average weighted exchange rate of the national currency â€“ manat against the other currencies is the main indicator of the implementation of monetary policy.

"At present, the trend of this rate is equal to zero. With regard to the real effective exchange rate, it fell by 4% during the 9 months of this year,â€ he underlined.

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