Aliyev says manat’s devaluation caused by oil price slump
23.12.2015 18:00
President Ilham Aliyev has said the latest devaluation of the national currency, manat, was caused by a sharp drop in crude prices in the past year.
Oil prices fell threefold, making a second devaluation of manat unavoidable, Aliyev said in comments broadcast on state television.
He blamed "geopolitical reasons” for the slump in prices in a clear reference to the confrontation between the United States and Russia over Ukraine.
The Fed decision to increase interest rates led to a further decrease in prices, Aliyev said.
Manat fell by 33 percent against the US dollar on Dec. 21 after the Central Bank announced a shift to a floating exchange rate.
It was a second devaluation since Feb. when manat was devalued 25 percent against the dollar.
Azerbaijan is the third-largest crude exporter in the former Soviet Union, after Russia and Kazakhstan.
www.ann.az
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