Decrease Rate of Reduction of Nominal Effective Rate of AZN

Business Materials 7 April 2008 19:41 (UTC +04:00)

Azerbaijan, Baku, 7 April /corr. Trend I.Khalilova / The National Bank of Azerbaijan (NBA) confirms the reduction of nominal effective rate (NER) of AZN in relevant to the currencies of the trade partners of Azerbaijan in January-February 2008 as compared to the December 2007, a source stated at the NBA on 7 April. The rate decreased by 0.5% in the gross trade turnover, 1.1% in the export and 0.2% in the import.

As per the data of NBA, from Jan to Feb, NER in the non-oil sector was neutral in the gross trade turnover and import, and rose by 0.2% in export. Change in the nominal currency rate over the past two months affected the real effective rate by 30% in the gross trade turnover and change in prices - 70% - (including oil sector).

From Jan to Feb 2008, the NER in the foreign trade (including oil sector) decreased by 15%, in import - 7.7%, in export - 20.1%. In the non-oil sector the NER decreased 2.9% in the gross trade, 4.7% in import, but in the export decreased by 6.9%.

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