Most of the world is on lockdown as governments struggle to slow the spread of the novel coronavirus pandemic. Demand for oil has collapsed. But while the Russian ruble and the Kazakh tenge have adjusted, Azerbaijan has maintained its hard peg to the dollar, and is now spending billions of them to defend its currency. This could make the crisis much costlier for Baku.The collapse in oil prices, alongside the global economic shutdown, will put the...

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