" Switching to the floating rate allows achieving balanced level of exchange rate”
Economy24 February 2016, 13:09 623
Central Bank does not target any quantity on exchange rate, APA-Economics reports citing to the Central Bank of Azerbaijan's monetary policy outlook for 2015.
According to the outlook, currently, the Central Bank is carrying out sales through auctions: "The operations only aim to prevent sharp hesitations in the exchange rate. Average weighted rate on interbank operations is considered as an official rate. The floating rate allows neutralization of negative impacts of global shocks on the country’s economy through the rate. At the same time, the new regime promotes development of domestic financial market and supports usage of several financial instruments. Switching to the floating rate allows achieving balanced level of exchange rate”.
In 2015, the USD rose 98.8%, EUR 79%. Manat’s nominal effective rate index on non-oil sector fell 23.3% real effective rate on non-oil sector dropped 23.5%. The price ranges had 0.2%reducing impact on real effective rate.