Baku. Musa Ahmadov - APA-Economics. “Decline of oil price twice since mid of 2014 is a new phenomena”, said the Chairman of Central Bank of Azerbaijan Elman Rustamov at the discussion of report of the Cabinet of Ministers on activity in 2014 in the parliament.
CBA Chairman reminded his forecasts that the oil price will not rebound for a long time: “If the oil price will make $50, surplus of foreign balance will decrease by 5 times, in $40 it will cross to the negative zone”.
Rustamov said that the country has sufficient currency reserves, SOFAZ’s revenues are managed correctly: “However, previous exchange rate would cause the reserves of SOFAZ and CBA to be equal to zero. Therefore, we should respond to these processes”.
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