11:49 - 23.06.2023
June 23, Fineko/abc.az. Regional currencies are losing value. Over the past month, the Turkish lira has fallen by 18.7% to the US dollar, by 5.9% to the Russian ruble, by 3.1% to the Georgian lari, and by 1.2% to the Kazakhstani tenge. The strengthening of the US currency on the world market also affects regional currencies.
ABC.AZ reports that the above–said statement was made by MP and economist Vugar Bayramov.
He noted that amid the depreciation of regional currencies, there is an increase in prices in consumer markets. Although official Russian statistical data shows slowdown in inflation in our northern neighbor, the weakening of the ruble has not been without an impact on the prices of imported goods. And in Türkiye, the fight against inflation remains the main task.
The balance of payments surplus and exchange rate changes in the main partner countries have strengthened the nominal effective exchange rate of the manat by 5.1% over the past 5 months of this year. The main cause of surplus of the balance of payments is export of energy products. The cheapening of national currencies among our main non-oil export partners leads to an increase in the price of non-energy products of Azerbaijan in these countries.
