Azerbaijani authorities promise to stabilize manat exchange rate within one month

Azerbaijan's Milli Majlis has appealed to the government with a request to help the Central Bank of the country to stabilize the exchange rate of the manat.

Azerbaijani MP, member of the Parliamentary Committee on Economic Policy, Enterprise and Industry, Vahid Ahmedov, said that the issue of manat devaluation is bothering the population.

"We held a series of meetings and consultations with representatives of the government and the Central Bank and proposed to take measures to stabilize the situation. We also ask the government to support the bank. In particular, we proposed to provide a payment of dollar-denominated loans, the sum of which does not exceed $10,000, at the old exchange rate of 1.05 manats per dollar, increase the amount of insured deposit from AZN 30,000 up to AZN 500,000 and begin the consolidation of banks, which should cause a decrease in too high interest loan rates," abc.az cited Ahmedov as saying.

The Speaker of the Azerbaijani parliament, Ogtay Asadov, said that a plan of measures to overcome the current difficult economic situation is being prepared on behalf of the head of state.