Azerbaijani President Ilham Aliyev said that the sharp decline in oil prices has no natural economic grounds.
"The threefold decline in oil prices has no natural economic grounds," he said at a meeting of the National Olympic Committee.
"Personally, I believe that the sharp decline in oil prices has no natural economic grounds. The global economy is undergoing a recession, but not to such an extent that the oil prices would have fallen by two-thirds during the year. I personally believe that it is a deliberate policy, and its purpose is not a secret to anyone," TASS cited the president as saying.
The President stressed that Azerbaijan is suffering from the situation. According to him, the main reason for changing the exchange rate of the manat is the threefold decline in oil prices.
"The fall in oil prices had a negative impact on the national currency. When oil prices stabilized at $50, we calmed down that there would be no need for devaluation. But currently the oil price is $36," Aliyev said.
The president said the government will try to minimize the negative consequences. The main task is to maintain macroeconomic stability, low inflation and keep prices for food, construction materials and fuel prices at a stable level, Aliyev concluded.
