Finance

Finance

Samir Sharifov: "The devaluation of the manat was inevitable"

12 January 2016 03:03 (UTC +04:00)

Baku "APA-Economics". "Reducing foreign exchange revenues as a result of a sharp decline in the price of crude oil on world markets has created a qualitatively new situation in the balance of payments of the country and necessitated a significant reduction in the rate of manat, said Finance Minister Samir Sharifov at the meeting of the Cabinet of Ministers dedicated to the results of socio-economic development in 2015 and objectives for the future.

"Acute steps taken by government and central bank in connection with the negative impact of the global economic processes on the economic development of our country are adequate to macroeconomic situation. This can be seen in other countries, producing and exporting oil, "said Sharifov.

According to him, the global credit rating agencies directly trace the economic processes taking place in Azerbaijan: It is encouraging that the three credit rating agencies - «Standard & Poor's.», «Moody's» and «Fitch» maintained investment grade ratings of our country in the long-term local and foreign currency. "