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Weekly review of Azerbaijani currency market

Business Materials 31 May 2011 14:53
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 0.7898 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 0.000 4 points (0.0 4 percent). The average rate was established at 0.7 898 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

May 16

0,7907

May23

0,7900

May17

0,7905

May24

0,7900

May18

0,7905

May25

0,7898

May19

0,7903

May26

0,7896

May20

0,7902

May27

0,7896

Average week ly

0,79044

Average week ly

0,7898

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) hit0,7889 manat to $1 cheapening by 0,0007 points ( by 0,07 percent).

Deals concluded last week at BEST with transition to currency (T+0) comprised: May 23- $ 0.83 million with exchange rate of 0.79 AZN/USD, May 24- $ 6.3 million with exchange rate of 0.7 886 AZN/USD, May 25 - $ 6.699 million with exchange rate of 0.7 884 AZN/USD, May 26 - $ 7.526 million with exchange rate of 0.7 884 AZN/USD and May 2 7 - $ 2.859 million with exchange rate of 0.7 891 AZN/USD.

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

May 16

0,7900

May 23

0,7900

May 17

0,79 00

May 24

0,7886

May 18

0,7900

May 25

0,7884

May 19

0,7900

May 26

0,7884

May 20

0,7900

May 27

0,7891

Average weekly

0,7900

Average weekly

0,7889

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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