Expert: Azerbaijani manat's fixed exchange rate creates stability for textile production

The stability of the manat in Azerbaijan contributes to stable price forecasts for imported equipment, materials, and spare parts, which are considered essential for the textile industry, Ashraf Hajiyev, partner at the SIAR Research and Consulting Group, said at a seminar in Baku entitled "Development of the Textile Sector and Promotion of Global Integration," Report informs.

According to him, inflation in the country is relatively low: "Unlike the previous period of high uncertainty, despite rising costs, our energy costs are not as high, and tariffs are low. This is an advantage for textile production. The country is implementing a policy of economic diversification. The government is striving to support the textile industry and create favorable conditions for reducing dependence on the oil and gas sector."