Samir Aliyev: ‘Government Will Not Make Sharp Devaluation’

Baku / 27.09.2016: The AZN rate is tightly controlled and the transition to a floating exchange rate is only a theory, says economist Samir Aliyev.

On his profile on the social network Facebook, Aliyev wrote that he came to this conclusion after comments given to journalists by the head of the Central Bank Elman Rustamov and the Minister of Finance Samir Sharifov.

According to him, another conclusion of their words is the unreality of the current AZN exchange rate, so if it is released, the value of the national currency will fall sharply.

‘From the comments I realized that the government will not agree to a sharp devaluation and the soft devaluation will be continued. The manat exchange rate will be adjusted depending on the balance of payments,’ Aliyev said.

In addition, according to the expert, from the words of the officials it can be concluded that the budget expenditure will decrease, imports will be limited in different ways, and there will be no loan benefits for the population.

‘We have no conditions for the strengthening of the manat. So we should not fall into euphoria and expect strengthening of the manat,’ Aliyev said.     -----71D