The US dollar rose at the foreign exchange auction of the Central Bank of Azerbaijan.
The auction started with 1.7707 and finished with 1.7742 manat per USD. The auction was attended by the State Oil Fund.
The growth of the dollar against the manat has been observed since October and is called "creeping devaluation". During this period the manat to the US dollar has fallen by almost 30% and the process continues.
At the same time, AZN is becoming cheaper in relation to all other currencies, including the Russian ruble.
Note that banks for already more than a month have not sold dollars or euros, and only buy them. Because of this, the "black market" has intensified, providing the selling rate of the US dollar in the range of 1.92- 1.94 manat per dollar. -71D-
Economics
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