Central Bank comments on USD rate growth rumors in Azerbaijan

Rumors about the US dollar rate’s increasing up to two manats/$1 are groundless, said Elman Rustamov, head of the Central Bank of Azerbaijan (CBA).

He made the remarks during a meeting of the country’s parliament Jan. 19.

Rustamov said the CBA is taking serious measures to stabilize the situation.

“We have increased currency intervention in the market,” he said. “The currency exchange offices, operating outside the banks, created a stir on the market. Over 200 currency exchange offices have been closed, and at present, all transactions, including currency exchange, are being held in banks.”

Rustamov also said the CBA provides the banks with sufficient amount of currency and is able to ensure its liquidity.

“I urge the people to remain calm,” he added. “The stir created after the February devaluation completely broke the logic behind devaluation. There is no reason for panic. Someone says that the dollar rate will be equal to two or five manats, but these claims are groundless.”