Azerbaijan, Baku, 7 April / corr. Trend I. Khalilova/ According to the National Bank of Azerbaijan, including the oil sector, the actual effective rate (RER) of the manat increased by 3.1% in total trade turnover, 3.3% in import and 2.8% in export in January and February 2008 as compared to December 2007.
The study shows that the U.S. influence on RER in foreign trade (including the oil sector) in January and February 2008 made up 4.6%, Europe 4%, England 8%, Russia 1.3%, Turkey 4%, Iran 1.8%, and Kazakhstan 2.7%. The declining influence of Ukraine on the currency totaled 0.9%, Georgia 0.7%, Israel 2.7% and Japan 0.9%.
In January and February the RER consolidated by 2.7% in the non-oil sector, 2.8% in import and 2.1% in export. However, the RER is gradually falling.
In January-February, non-oil RER dropped by 8.6% in the general trade turnover (excluding oil sector) compared to December 2000, 6.1% in import, 20.6% in export. Including the oil sector RER dropped by 2%, 3.7% and 0.7% respectively.
The long-standing drop in RER was caused by exceeding the inflation growth in the countries of Azerbaijan's trade partners over the consumer prices growth in Azerbaijan.
During the first two months of 2008, the manat's RER growth compared to the currency of USA, EU, England, Turkey, Russia, Iran and Kazakhstan exceeded the growth rate of the manat's nominal rate. At the same time, the nominal rate of the manat dropped compared to the currency of the EU, Georgia, Kazakhstan, Israel and Japan, and its actual rate rose compared to all currencies, except that of Ukraine, Georgia, Japan and Israel.
NBA summarized this as the result of a long period (2000 - January-February 2008) the manat's RER dropped, which proves acceptability of the conditions for foreign trade with Azerbaijan's main partners. In 2001-2008, Azerbaijan's inflation rate comprised 76.2%, while that of its trade partners amounted to 87.2 %.
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