Change of Nominal Efficiency Course of Manat to Dramatically Affects Increase of Prices in Azerbaijan

Business Materials 27 November 2008 17:37 (UTC +04:00)

Azerbaijan, Baku, 27 November / Trend , corr. N.Ismaylova /The National Bank of Azerbaijan (NBA) confirms the decline of reduction of prices rate in January-October 2008, compared to December 2007, of the nominal efficiency course of manat compared to currency of trade partners in Azerbaijan, a source from NBA said. In a total trade turnover the currency rate increased by 12.7 percent, in export- by 11.5 percent and in import- by 13.8 percent.

According to NBA, the nominal efficiency course on non-oil sector in the total turnover increased, in export - 13.3 percent and in import by 13.4 percent in Jan-Oct 2008, compared to the end of 2007.

The change in the course of the nominal exchange rate within ten months influenced in the general commercial revolution 54 percent to the real effective course, and to a price change - by 46 percent (taking into account petroleum sector). This means that the change of the nominal efficiency of manat and prices influenced increasing effect on the real effective course.

In January - October 2008 according to the relation by December 2000 the nominal efficiency of manat in foreign trade (taking into account petroleum sector) was descended by 3.8 percent, in the export - by 9.9 percent, and import became dearer by 4.8 percent. In the non-petroleum sector the nominal efficiency of manat increased in the general trade by 10.1 percent, in the import - 8.2 percent, in the export - by 20.9 percent.

On 27 November, the official currency rate is 0.8079 AZN/USD.

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