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Weekly review of Azerbaijani currency market

Business Materials 9 July 2011 14:18
Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0001 points (0.01 percent). The average rate was established at 0.7869 manat to 1 U.S. dollar.
Weekly review of Azerbaijani currency market

Azerbaijan, Baku, July 9 / Trend I. Khalilova /

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.000 1 points (0.0 1 percent). The average rate was established at 0.78 69 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

June 27

0,7871

July 4

0,7868

June28

0,7869

July5

0,7868

June29

0,7869

July6

0,7870

June30

0,7867

July7

0,7870

July 1

0,7867

July8

0,7869

Average weekly

0,78686

Average weekly

0,7869

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) hit0,78 636 manat to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: Ju ly 4-7- no deals were concluded, the exchange rate remained 0.78 63 AZN/USD, Ju ly 8 - $1.056 million with exchange rate of 0.78 66 AZN/USD.

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

June 27

0,7859

July4

0,7863

June 28

0,7855

July5

0,7863

June29

0,7863

July6

0,7863

June30

0,7863

July7

0,7863

July 1

0,7863

July8

0,7866

Average weekly

0,78606

Average weekly

0,78636

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 .

The deal was concluded with EUR/AZN T+0 to the amount of 1 .374 .840 manat or 1.2 million euro with the exchange rate of 1,1457 manat per 1 euro.

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