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Weekly review of Azerbaijani currency market

Business Materials 21 May 2011 14:42
Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0005 points (0.05 percent). The average rate was established at 0.79044 manat to 1 U.S. dollar.
Weekly review of Azerbaijani currency market

Azerbaijan , Baku, May 21 / Trend N.Ismayilova /

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0005 points (0.05 percent). The average rate was established at 0.79044 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

May 9

0.791

May16

0.7907

May10

0.79 11

May17

0.7905

May11

0.79 11

May18

0.7905

May12

0.7908

May19

0.7903

May13

0.7908

May20

0.7902

Average weekly

0.79076

Average weekly

0.79044

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. In terms of communication, this mechanism is not only beneficial, as this will allow the CBA to move to the regime of freely floating exchange rate in the long term.

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 0.79 manat to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: May 16- $ 1.81 million with exchange rate of 0.79 AZN/USD, May 17- $4.27 million with exchange rate of 0.79 AZN/USD, May 18 - $0.874 million with exchange rate of 0.79 AZN/USD, May 19 - $0.842 million with exchange rate of 0.79AZN/USD and May 20 - $1.079 million with exchange rate of 0.79AZN/USD.

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

May 9

0.7900

May16

0.7900

May10

0.79 00

May17

0.79 00

May11

0.7900

May18

0.7900

May12

0.7900

May19

0.7900

May13

0.7900

May20

0.7900

Average weekly

0.7900

Average weekly

0.7900

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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