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Central Bank: Stability to prevail in foreign exchange market in 2018


There is expected to be a surplus next year in the current transactions account of the balance of payments with projected oil prices (US $45), the Central Bank of Azerbaijan (CBA) said in its statement on major directions of monetary policy for 2018 and mid-term, APA-Economics reports.

 

The document noted that positive effects on current transactions account of decisions on import substitution and export stimulation will continue in the following year and in the medium term.

 

"Capital and financing flows will be affected by capital flows related to the implementation of major energy projects".

 

According to the estimates, the forecasted balance of payments and the volume of transfers from the State Oil Fund of Azerbaijan is expected to ensure stability in the foreign exchange market in 2018.

 

"The long-term trend of manat’s exchange rate is formed by these fundamental macroeconomic factors. The optimization of the currency control for the long-term stability of the currency market is also important," the statement said.

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/ 26 April, 2018

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