Elman Rustamov noted that the currency basket in Azerbaijan has been followed in the period 2008-2011, it gives the opportunity to carry out the CBA more flexible exchange rate policy: "However, due to the fact that the price of oil at that time was at a very high level, there has been a lot of pressure on the appreciation of the manat, which was due balance created in a significant surplus of Azerbaijan's balance of payments. On the other hand there was a significant appreciation of the euro against the dollar. Both factors pushed to the appreciation of the manat. If we were at that time not to abandon the euro in the currency basket, today we would have a stronger exchange rate of manat. Naturally, there are positive aspects of this, for example, the reduction of inflation, etc. However, there are positive aspects of adversely affecting the protection of the interests of exporters to diversify the economy, etc. Given all this, we are in the period declined to bi-currency basket. Today we are faced with a completely different picture. We know that the euro depreciates against the euro. Our policy is rigidly pegged to the dollar, so this process also affects the manat. It is interesting that today the rate of manat is in floating mode in relation to our major trading partners. Because we are pegged to the dollar, which in relation to other courses in free mode. The euro zone is our main partner. We think about our economic prospects. In this environment, we have restored the euro in the basket for a complete decoupling of the manat to the dollar. I would like to say that it (the euro's share in the basket-Ed.) is not so significant. This enables us to prevent impact on manat expected further weakening the euro."
Elman Rustamov noted that the transition to the basket will lead to greater flexibility and independence of the exchange rate policy of the Central Bank.
"Today, there is no any factor for long-term weakening of manat. Depreciation of the national currency can only happen in two cases. Firstly, if there is a prolonged deficit in the balance of payments, and secondly - the lack of foreign exchange reserves of the country. But Azerbaijan has foreign exchange reserves amounting to 70 percent of its GDP. In short, Azerbaijan has none of the factors that could lead to a weakening of the exchange rate of manat", the Chairman of the Central Bank of Azerbaijan Elman Rustamov said.
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