In Azerbaijan due to the collapse of the manat may revise budget-2016

In Azerbaijan due to the collapse of the manat may revise budget-2016


The budget for 2016 could be revised due to the fall in oil prices and the collapse of the national currency, said the member of the Azerbaijani Parliament Ziyad Samadzade, noting that the current state of the oil market has a negative impact on the economic plans of the government.

BAKU, 19 Jan –. The Azerbaijani authorities can review the budget in 2016 because of falling oil prices and the collapse of the national currency, the manat, was declared by the Chairman of the parliamentary Committee on economic policy, industry and entrepreneurship Ziyad Samadzade.

“It is very likely that the state budget of Azerbaijan will be revised”, — quotes the official statement of the Agency Trend.

According to him, the fall in oil prices has a negative impact on the economic plans of the government.

The Central Bank of Azerbaijan from February 16, 2015 untie the manat against the dollar and moved on to targeting on the basis of the currency basket consisting of dollar and Euro. Since the 19th of December, the national currency depreciated by 25% (from 0,7844 to 1.05 manats per dollar). After the regulator received 21 December the decision to transition to a floating exchange rate, the stock market dropped by 33% (to 1.55 manats per dollar). In total, the Azerbaijani currency has fallen by 49%. In connection with the collapse of the manat has intensified the market for illegal currency exchange – in some cases for a dollar required to AZN 2.5. The rate of the manat, the CBA established on January 19, is 1.6 manats per dollar.