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President Aliyev: changing manat’s rate was inevitable

President Aliyev: changing manat’s rate was inevitable

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Date: 23 December 2015 15:42

Baku, Azerbaijan, Dec.23

Trend:

Naturally, the decrease in Azerbaijan’s oil revenues negatively affected the country’s national currency, President of Azerbaijan Ilham Aliyev said Dec.23, during the ceremony of awarding athletes and sports experts.

The main reason for changing the exchange rate of manat is the threefold decline in oil prices, said the president, adding that changing manat’s exchange rate was inevitable.

“Throughout the year, we were trying to maximally prevent it and were waiting for the oil prices to stabilize,” said Aliyev.

“When the oil prices stabilized at $50, we somehow calmed down that there will be no need for devaluation,” said the president.

However, currently, the oil price is $36, said Aliyev, adding that the latest decision made by the US on dollar triggers decrease in oil prices.

There are also other geopolitical factors here, he said.

“Personally, I believe that the sharp decline in oil prices has no natural economic grounds,” said Aliyev.

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