There are appreciation pressures on the Azerbaijani manat, said Anvita Basu, head of the risk for European countries of the international rating agency "Fitch Solutions" said in her response to APA-Economic's inquiry.
"We do not actively forecast the Azeri manat because it’s not a truly free-floating currency. The value of the manat should be 1.70 against the USD which has been the official rate for the past five years or so and we believe that the country is fully capable of defending this level. If anything, there are appreciation pressures on the manat now because the country has been running large surpluses in its trade account and therefore has fairly healthy foreign currency reserves," she said.
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