According to experts in Azerbaijan, the devaluation of the ruble could affect the restructuring of trade turnover between Azerbaijan and Russia and lead to a loss of popularity of Azerbaijani goods on the Russian market.
If oil prices not to reach $62-65 it could lead to a devaluation of the manat, political scientist Ilgar Velizade noted for Sputnik.
"If oil prices reach $62-65 it is possible that by the end of the year there will be a smooth devaluation in accordance with approaches to foreign exchange regulation, announced at the beginning of the year,’’ the expert said, commenting on the devaluation of the ruble and its influence on the post-Soviet area.
According to the analyst, Azerbaijan very much depends on the price of oil, and if by the end of the year prices do not rise above $60 a barrel, a devaluation is inevitable.
"Low oil prices create conditions for devaluation, but only the Central Bank can take a decision about devaluation on the basis of the priorities of this development,’’ he added.
As for the impact of the devaluation of the ruble against Azerbaijan, Velizade noted that the situation doesn't influence Azerbaijan directly. The only thing, in his opinion, is that earnings from the Azerbaijanis living in Russia could significantly reduce.
"This can affect the restructuring of trade turnover between Azerbaijan and Russia. Some products from Azerbaijan could lose their popularity on the Russian market. In particular, Azerbaijani agricultural products are becoming expensive again for Russian buyers. This is also a serious obstacle to the development of mutual trade, but Russian materials became cheaper on the Azerbaijani market, they may be implemented more rapidly than similar products from other countries,’’ he concluded.
The world price of oil has continued to lower over the last six months. AzerbaijanI society is very concerned about this fact. In this regard, the most resonant words were spoken by Azerbaijani President Ilham Aliyev a few days ago.
‘’We need to set aside oil and gas, and forget about them. And someday oil prices will have no meaning for us. Because the industries of agriculture, tourism and ICT are developing in Azerbaijan, and they should develop even more actively,’’ this sensational statement was made by President Ilham Aliyev at the opening ceremony of the Qalaaltı Hotel & SPA therapeutic recreation complex in the Shabran region, Trend reports.
