CBA: Azerbaijan’s economy ready to manage risks caused by coronavirus epidemic in China

Azerbaijan’s economy is ready to reduce the risks associated with the threat of coronavirus, Chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters at a press conference on Jan. 3.

According to Rustamov, the government has carried out serious work in confronting external challenges. Thus, Azerbaijan’s budget is calculated based on oil prices at the level of $55 per barrel, which is a fairly rational approach that minimizes external risks and practically guarantees an annual surplus due to price differences.

In any case, the CBA chairman said, the strong strategic currency base is ready to successfully confront the most serious external challenges.

As a result of the spread of the new coronavirus nCoV2019 in China, which is the largest importer of world oil, oil prices began to plummet, the fall in prices from Jan. 7 to date is 18.3 percent – from $71 to $58.

The CBA is holding a press conference on the change in the discount rate on Jan. 31.