BAKU, Azerbaijan, November 26. Strengthening the nominal effective exchange rate of Azerbaijan's national currency is one of major factors limiting the imported inflation from January through September 2022, Trend reports citing the Azerbaijani Central Bank's monetary policy review.
The average daily exchange rate of the Azerbaijani manat against the US dollar was 1.7 manat.
"The foreign currency purchase and sale rates set by banks were close to the official rate. Thus, the average daily purchase rate of the US dollar by commercial banks amounted to 1.6972 manat, while the selling rate stood at 1.7023 manat," the report said.
In the reporting period, the manat exchange rate primarily strengthened against the currencies of the trading partner countries. Thus, the manat rose against the euro, Turkish lira, UK pound, Kazakh tenge, Japanese yen, Swiss franc, Ukrainian hryvnia, Russian ruble, and Georgian lari.
"The dynamics of bilateral exchange rates affected the multilateral rate dynamics as well. During this period, the nominal effective manat rate in the total weight of non-oil trade increased by 7.5 percent, whereas the real effective rate grew by 1.8 percent. Inflation in Azerbaijan decreasing below the average rate in partner countries affected the real effective exchange rate," the bank noted.