...

Weekly review of Azerbaijani currency market

Business Materials 16 July 2011 13:50
Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0003 points (0.03 percent). The average rate was established at 0.7865 manat to 1 U.S. dollar.
Weekly review of Azerbaijani currency market

Azerbaijan, Baku, July 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 0.000 3 points (0.0 3 percent). The average rate was established at 0.78 65 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

July4

0,7868

July11

0,7867

July5

0,7868

July12

0,7864

July6

0,7870

July13

0,7865

July7

0,7870

July14

0,7865

July8

0,7869

July15

0,7864

Average weekly

0,7869

Average weekly

0,7865

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 66 manat to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: July 11- no deals were concluded, the exchange rate remained 0.78 66 AZN/USD, July 12 - $ 3.326 million with exchange rate of 0.7866 AZN/USD ,July 13 - $ 0.11 million with exchange rate of 0.7866 AZN/USD ,July 14 - $ 0.94 million with exchange rate of 0.7866 AZN/USD ,July 15 - $ 0.918 million with exchange rate of 0.7866 AZN/USD .

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

July 4

0,7863

July11

0,7866

July5

0,7863

July12

0,7866

July6

0,7863

July13

0,7866

July7

0,7863

July14

0,7866

July8

0,7866

July15

0,7866

Average weekly

0,78606

Average weekly

0,7866

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.

Latest

Latest