The President of the Central Bank of Azerbaijan Elman Rustamov said that the national currency manat adapted to an oil price of $ 45-55 per barrel.
Speaking at the discussion in the parliamentary committees over the draft state budget of Azerbaijan for 2017, he said that if the oil price increases or decreases by $ 10 compared with the same interval, the incomes of the population, respectively, will increase or decrease by 1.7 billion AZN.
At the same time the country's chief banker said that the return to the old economic model based on the oil factor will not take place. He stressed as a priority to achieve stabilization and, according to him, the growth of people's income is the ultimate goal for the state.
Rustamov said the serious discussion is underway in the Financial Stability Board, and work is proceeding on the transition to a new economic development model, which will cover structural and social reforms, and ensure macroeconomic stability. -----71D
Economics
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