Weekly review of Azerbaijani currency market

Weekly review of Azerbaijani currency market

Azerbaijan, Baku, April 16 / Trend , N.Ismayilova/

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0004 points (0.04 percent). The average rate was established at 0. 79192 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

April 4

0,79 26

April 11

0,7921

April 5

0,792 6

April 12

0,7920

April 6

0,792 4

April 13

0,7920

April 7

0,792 3

April 14

0,7918

April 8

0,792 3

April 15

0,7917

Average weekly

0,792 44

Average weekly

0,79192

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) remained unchanged at 0.7913 manat to $1.
Deals concluded last week at BEST with transition to currency (T+0) comprised: April 11 - deals were not concluded and therefore, the rate remained at 0.7913 AZN/USD, April 12 - $4.01 million with exchange rate of 0.7913 AZN/USD, April 13 - $1.705 million with exchange rate of 0.7913 AZN/USD, April 14 -$2 million with exchange rate of 0.7913 AZN/USD, April 15 - $3.145 million with exchange rate of 0.7913 AZN/USD.

Exchange rate of manat to 1 U.S. dollar:

April 4

0,79 13

April 11

0,79 13

April 5

0,7913

April 12

0,7913

April 6

0,7913

April 13

0,7913

April 7

0,7913

April 14

0,7913

April 8

0,7913

April 15

0,7913

Average weekly

0,7913

Average weekly

0,7913

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.

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