BAKU, April 1 (Reuters) - The head of Azerbaijan’s central bank said on Wednesday the bank was moving towards a managed float of the manat currency as it was not yet ready to move to a fully flexible rate.
“The central bank is moving towards a managed float of the manat,” Elman Rustamov said at a meeting of the parliament’s economic policy committee.
“The bank is not ready to move to a fully flexible rate.”
Rustamov said the manat’s rate depended on the oil price, macroeconomic indicators as well as on the U.S. dollar’s rate against the euro, currency fluctuations in Azerbaijan’s main trading partners and central bank decisions. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Elizabeth Piper)