Azerbaijani Central Bank: Stability of national currency rate influenced the macroeconomic stability positively

The official rate of manta against USD remained stable and strengthened 1.4%, in January-June, 2011.

According to Central Bank of Azerbaijan, both of nominal effective rate (on total trade turnover – 1.7%) and real effective rate (0.8%) went down and improved the competitiveness of this sector. The difference between the inflation in partner countries and Azerbaijan negatively influenced the real effective rate by 1.6 percentage points.

Real effective rate decreased by 3.1% compared to the foreign countries which over 80% of oil are exported. So, currency market operated in self-regulating mode, during 6 months, sharply wavering of bilateral rates was not observed, multilateral rate changed in the direction of improvement of international competition condition of the country.


/APA/