Baku, Azerbaijan, Nov. 11
By Azad Hasanli - Trend:
The Central Bank of Azerbaijan (CBA) fully controls the situation on the country's domestic market and ensures a balance of supply and demand.
"There are no major changes in the manat exchange rate versus US dollar," the CBA told Trend Nov. 11.
The changes are not related to the processes on the country's foreign exchange market.
The dollar exchange rate versus manat has been gradually increasing since early November 2015.
For example, the exchange rate was 1.0491 manat versus US dollar Nov. 2, while it reached 1.0504 manat versus US dollar Nov. 11. The devaluation threshold, which was determined on February 21, 2015, was 1.05 manat versus US dollar. The rate of manat reduced by 34 percent that day.
"As the CBA conducts its exchange rate policy as part of the dual currency basket, including dollar and euro, daily changes in the euro / dollar rate on the international currency market partly influence the exchange rate of manat," the CBA said.
The CBA said that the growth of the dollar exchange rate versus the euro has been recently observed on the global market.
"The reason is the information about the possible increase of the rate by the US Federal Reserve," the CBA said. "This information was spread amid the monetary expansion program offered by the European Central Bank. The rate of manat versus the US dollar has slightly changed amid these processes."
The CBA said that earlier, other situation was observed. The dollar exchange rate versus the euro reduced. As a result, the foreign currency exchange rate versus manat decreased.
"The dollar exchange rate versus manat decreased up to 1.0469 manat September 15," the CBA said. "This corresponds to the normal market processes."