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Azerbaijan soon to see results of fighting black market

Tuesday, December 13
Azerbaijan’s population will soon see the real results of the fighting the currency black market in the country, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters in Baku Dec. 12.

“Law enforcement agencies of Azerbaijan carry out very serious work in this direction,” Rustamov said.

The full transition to a floating exchange rate regime in 2017 requires tight macroeconomic coordination, as well as solving a number of structural problems, Rustamov noted.

“From this year on, we have already been operating in the regime of floating exchange rate of manat, and the fact that the CBA has stopped selling its foreign currency on Azerbaijan’s market since February 2016 confirms this,” he said. “We know that currently there is a disproportion between supply and demand on the market, and the demand exceeds the supply.”

“However, full transition to floating exchange rate regime of manat requires serious preparation,” he noted. “We have attracted technical assistance from the International Monetary Fund for that, and the work is underway in accordance with this assistance.”

Rustamov stressed that the main goal is to achieve macroeconomic stability.