Central Bank Of Azerbaijan Expects Manat's Nominal Effective Exchange Rate To Strengthen (UPDATED)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 1. The nominal effectiveexchange rate of Azerbaijani manat will strengthen by 13.1 percentby the end of this year, chairman of the Central Bank of Azerbaijan(CBA) Taleh Kazimov said during a press conference on changes inthe parameters of the refinancing rate, Trend reports.

"The nominal effective exchange rate of the manat strengthenedby 2.7 percent in the first quarter of this year. It is expectedthat by the end of the current year, the nominal effective exchangerate of the Azerbaijani manat will strengthen by 13.1 percent," heemphasized.

Meanwhile, the nominal effective exchange rate of theAzerbaijani manat against foreign currencies amounted to 103.7points in April 2024, which is 0.1 percentage points higher than inthe previous month, 1.7 points higher than at the beginning of theyear, and 7.2 points higher than in the same period of lastyear.

To note, the CBA lowered the discount rate from 7.5 percent to7.25 percent on May 1. The upper limit of the interest ratecorridor was reduced from 8.5 to 8.25 percent, while the lowerlimit was kept unchanged at 6.25 percent.

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