Dollar falls in Azerbaijan

Dollar falls in Azerbaijan

03 February 2016, 11:13 841
The Central Bank of Azerbaijan, which introduced on 21 December the floating exchange rate with help of the auction, reported that the manat rate to the US dollar has been rising for already the second week running. For the time of ‘floating’ the manat has depreciated by 51.39%. At that, devaluation still reaches 1.82% in 2016.

The CBA informs that on 3 February 2016 the official exchange rate was set at the level of AZN 1.58494 to the US dollar against AZN 1.5940 on 2 February, and AZN 1.5610 on 31 December 2015.

The rate reached AZN 1.55 on 21 December (the day of introduction of floating manat rate), and AZN 1.05 on 21 February (the day of first devaluation). As a result, from the moment of refusal from manat pegging to the dollar and introduction of bi-currency basket (on 16 February 2015) when the exchange rate was at the level of AZN 0.7844 to the US dollar, the Azerbaijani manat lowered 2.026-fold.

On 3 February the euro rate was set at the level of AZN 1.7348 to the manat against AZN 1.7400 on 2 February 2016, AZN 1.7046 on 30 December 2015, AZN 1.6845 on 21 December, and AZN 1.195 on 21 February 2015.

By early 2014 the official exchange rate was at the level of AZN 0.7845 to the US dollar, early in 2013 – AZN 0.7850, early in 2012 - AZN 0.7865, and early in 2015 - AZN 0.7844.