Weekly review of Azerbaijani currency market

After the Central Bank shifted to bilateral targeting of the dollar/manat from Jan. 10, 2011, exchange rate of the national has stabilized. Macroeconomic analysis showed that bilateral targeting of dollar/manat corresponds with the objectives of the Central Bank, particularly in influencing the inflation rate.

As a result of last week's exchange, the rate of the Azerbaijani manat to the U.S. dollar, established based on results from the Baku Inter-bank Currency Exchange (BICEX) rose by 0.0007 point or 0.07 percent at 0.79158 to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: March 28 - deals were not concluded and therefore, the rate remained at 0.7920 AZN/USD, March 29 - $2.58 million with exchange rate of 0.7920 AZN/USD, March 30 - $11.17 million with exchange rate of 0.7913 AZN/USD, March 31 -$2,24 million with exchange rate of 0.7913 AZN/USD, April 1 - $1.1 million with exchange rate of 0.7913 AZN/USD.

No deal was concluded with USD/AZN T+1 and T+2 due to too few appeals by dealers. Appeals were not received on RUB/AZN and EUR/AZN.