11:42 - 22.06.2023

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June 22, Fineko/abc.az. The Azerbaijani manat exchange rate is under pressure from the rise in prices.

ABC.AZ reports that Anvita Basu, the head of the Risk Department for European Countries of international rating agency Fitch Solutions, stated about this.

She noted that the agency does not actively forecast the Azerbaijani manat because of the lack of a floating exchange rate.

Nevertheless, the official exchange rate of the manat has remained stable against the US dollar at 1.70 manats over the past 5 years.

"We believe the country is able to maintain the current exchange rate of the manat. In any case, the manat is currently under pressure from the rise in prices, as a large surplus of the current account of Azerbaijan has been formed. The country has quite healthy foreign exchange reserves," Anvita Basu added.