'Despite continuation of political and economic tension in the world, Azerbaijan develops. However, fall of oil price caused reduction of Azerbaijan's incomes, budget costs, exchange rate of national currency, SIA reports that Azerbaijani President Ilham Aliyev at the event dedicated to sport results of 2015.
'Reduction of oil revenues, of course, negatively affected our national currency. The key reason behind the drop in manat rate is the fact that the oil price has gone down thrice. the change in manat rate was inevitable. Over the past year, we tried hard to prevent it. We are awaiting the stability of the oil price. When the oil price stood at 50 dollars, we relaxed a little bit thinking there would be no devaluation. But now oil price fell to 36 USD. Latest decision adopted in U.S. on dollar serves decrease in oil price. There are other geopolitical reasons, too. I believe that there is no economic justification in the sharp decline in oil pricesIt is true that world economy is undergoing a decline, rates slightly reduced. But not in such level that oil price to unexpectedly decrease thrice within a year. I consider that it is deliberate policy. Purpose of this policy is not a secret to anyone and simply, Azerbaijan suffers from this situation.' the head of state noted.