Ilham Aliyev: The Dollar Exchange Rate Will Remain at AZN 1.70.

President of Azerbaijan Ilham Aliyev has stated that the stability of the national currency is being maintained and that the exchange rate of the US dollar against the Azerbaijani manat has remained unchanged since April 2017.

President Ilham Aliyev made the remarks while answering questions at an event titled “Restoring Trust in a Fragmented World: The South Caucasus as a Pillar of Global Connectivity and Investment Stability” , held as part of the 2nd Azerbaijan International Investment Forum. He spoke about Azerbaijan’s financial system, public debt and foreign exchange reserves.

The head of state said that, alongside political and economic stability, the strength of the country’s financial system is an important factor.

“ Political and economic stability is an important factor today. Another factor is that our financial system is very strong and, as you also noted, we have very low public debt – 20 percent. However, this figure includes domestic debt. External debt accounts for 5.6 percent of GDP, and in fact, we could reduce it to zero in one day. Because our foreign exchange reserves exceed our external debt by almost 20 times,” the President said.

Ilham Aliyev also addressed the stability of the national currency’s exchange rate.

“ Our currency is stable. The exchange rate against the dollar has not changed since April 2017. The exchange rate was 1 dollar to 1.7 manats in April 2017, and it remains the same today and will continue to remain so. Because we have a good trade balance,” the President of Azerbaijan said.

According to the President, Azerbaijan’s foreign exchange reserves significantly exceed the country’s external debt, while the positive trade balance remains one of the key factors supporting the stability of the manat.