Azerbaijani Manat Becomes Cheaper than Currencies of Major Trade Partners NBA Head

Politics Materials 7 February 2007 12:44 (UTC +04:00)

In the mid-term the Azerbaijani manat will continue to drop in rate against currencies of Azerbaijan's trade partners, Trend reports. Elman Rustamov, the Chairman of the National Bank of Azerbaijan (NBA) Managing Board, said in talks with journalist that such a drop will comprise some 20%.

He also noted the change in currency rates of Azerbaijan's trade partner-countries, in particular, oil exporting countries (Kazakhstan).

In December 2006 a drop in net efficient rate (NER) of manat in Azerbaijan trade partner-countries was 2.1% in goods turnover, 0.6% in import and 3.3% in export as compared to December 2005

According to NBA, in December 2006 NER in non-oil sector increased 0.6% in general trade, 0.5% - in export, 0.4% in import.