Shahmar Movsumov: “Devaluation allowed SOFAZ to save $3 bln”

Baku: The decision passed by the Central Bank of Azerbaijan regarding manat devaluation in February was completely right step, said the SOFAz Executive Director Shahmar Movsumov.

According to him, the devaluation allowed to achieve short and long-term goals: “As the consequence of devaluation, the Fund saved $3 bln. That’s we had to transfer $13 bln (AZN 10 bln), after devaluation, we transferred $10 bln”.

SOURCE: Azeri Press News Agency