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Devaluation of manat has no impact on budget of Islamic Solidarity Games and Formula 1

Devaluation of manat has no impact on budget of Islamic Solidarity Games and Formula 1

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Date: 22 December 2015 20:12

Baku, Azerbaijan, Dec. 22

By Elchin Mehdiyev – Trend:

The devaluation of the manat did not affect the budget of the Islamic Solidarity Games, to be held in 2017 and the Formula 1 racing, to be held in 2016, Azerbaijani Minister of Youth and Sports Azad Rahimov told journalists Dec. 22.

The Central Bank of Azerbaijan switched to the floating rate of the national currency (manat) from Dec.21, 2015.

As a result, the exchange rate of the US dollar and euro to manat rose by 47.6 percent and 47.9 percent and stood at 1.55 manats and 1.685 manats, respectively.

The minister said that the budgets of the two events were approved.

“The athletes of the Islamic Solidarity Games and Formula 1 will take part in the competition at their own expense,” he said.

The fourth Islamic Solidarity Games will be held in Baku on May 12-22, 2017. They will take place at 14 sports venues, namely, the Baku Olympic Stadium, Baku Crystal Hall, the Tofig Bakhramov Republican Stadium, Baku Aquatic Palace, the Heydar Aliyev Arena, the National Gymnastics Arena, Baku Tennis Academy, İnter Arena, Baku Olympic Complex, Bakcell Arena, Sarhadchi Olympic Sports Center, Baku equestrian center and other sports facilities. The official opening and closing ceremonies of the fourth Islamic Solidarity Games will be held at the Baku Olympic Stadium.

The representatives of 57 Islamic countries are expected to participate in the Games.

Formula One’s first race in Azerbaijan will be held on June 17-19, 2016.
The tickets are being sold.

The length of the track will be 6 kilometers with 20 turnings and the top speed is 340 kilometers per hour.

In total, it is planned to allocate 12 million Azerbaijani manat for preparing the track. Five million manat have been used.

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