Aliyev urges Central Bank to prevent manat gain against euro

"Manat is now stronger than euro, which is good for the resolution of social problems,” Aliyev said in a cabinet meeting on Jan. 27. "But it is not that good for our exports. Therefore, I think manat’s further gain against euro isn’t a positive development. I think if we keep the 1 manat/1 euro rate, it will ensure macro-economic stability. It will have a positive impact on people’s daily lives and also prevent obstacles in the way of our exports.”

The president said Azerbaijan should look for ways to increase its exports.

Crude oil and natural gas now account for over 90 percent of Azerbaijan’s exports, according to government data.  

The Azerbaijani Central Bank’s exchange rate for January 28 was 1 euro/0.89 manat.