From December 21 the manat depreciated against the dollar and the euro by nearly half.
On Monday, the official exchange rate of the US dollar amounted to 1,550 manat, which is 47.63% more than on 18 December.
The euro increased by 47.88% or AZN 0.5456 to AZN 1.6850.
CBA announced the transition to a floating exchange rate of the manat. These measures are motivated by a sharp drop in oil prices and the processes in the "global economy", the need to balance the payments, save foreign exchange reserves of the country and the international competitiveness of the national economy.
From now on, the rate of the manat will be formed primarily in accordance with the fundamental determinants of supply and demand in the foreign exchange market. Participation of CBA in the foreign exchange market will be in accordance with the present regime. At the same time, to ensure the safety of bank deposits and other deposits comprehensive measures will be taken for the financial stability of banks, increasing their liquidity, improving deposit insurance system," CBA stated. -06D--
Economics
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