Shorouk Express 
BAKU, Azerbaijan, July 9. The short-term
depreciation of the nominal effective exchange rate of the manat in
the current conditions may have a limited increasing effect on the
prices of goods and services imported from the eurozone, the
Central Bank of Azerbaijan (CBA) told Trend.
It was observed that there exist three determinants contributing
to the constrained efficacy: 1) This depreciation is not of a
protracted nature; 2) These products possess a minimal footprint
within the commodity and service production ecosystem, as well as
the consumption continuum, of the Azerbaijani economy; 3) These
products are substitutable by an alternative importing nation whose
currency has experienced depreciation relative to the dollar.
To recall, in the fiscal year 2024, the eurozone’s contribution
to the aggregate import portfolio of the nation was a mere 12.5
percent.
In general, the CBA is rigorously scrutinizing the operational
dynamics within partner nations, perpetually evaluating the
equilibrium of inflationary threats, and will persist in
effectively deploying its comprehensive suite of instruments to
maintain price stability.
Stay up-to-date with more news on Trend News Agency’s
WhatsApp channel
