Change in Nominal Effective Rate of AZN Influence Price Increase by 63%
Azerbaijan, Baku, 30 October / Trend , corr. N.Ismayilova/ The National Bank of Azerbaijan (NBA) mentions decrease in the rates of reduction of nominal effective rate (NER) of AZN with respect to the currencies of the trading partners of Azerbaijan in January - September 2008 as compared to December of last year, NBA said on 30 October. In the gross trade turnover, the rate increased by 5.6%, in the export - by 4.1% and import - by 7.1%.
According to the accounts of NBA, in relevant to the end of 2007, in January - September the NER on non-oil sector in the gross trade turnover strengthened, import - 6.3%, but in the export - by 6.6%.
Over nine months, the change of nominal exchange rate influenced the gross trade turnover by 37%, while the price change of 63% (taking into account the oil sector). This means that a change in the nominal rate had reducing effect on real effective rate, and prices - increasing.
In January -September 2008, as compared to December 2000, the NER of AZN in foreign trade (taking into account the oil sector) reduced by 9.8%, in import - by 1.4%, export - 15.9%. In non oil sector, NER of AZN increased in general trade by 3.3%, in import - 1.4% and export by 13.7%
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