...

Weekly review of Azerbaijani currency market

Business Materials 23 July 2011 14:46
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 0.78634 manat to 1 U.S. dollar.
Weekly review of Azerbaijani currency market

Azerbaijan, Baku, July 23 / Trend N. Ismayilova /

Last week the official rate of the manat to the US dollar, set by the Central Bank of Azerbaijan , consolidated by 0.0003 points (0.03 percent). The average rate was established at 0.786 34 manat to 1 U.S. dollar.

Exchange rate of manat to 1 U.S. dollar

July 11

0,7867

July 18

0,786 2

July 12

0,7864

July 1 9

0,786 2

July 13

0,7865

July 20

0,786 4

July 14

0,7865

July 21

0,786 4

July 15

0,7864

July 22

0,786 5

Average weekly

0,7865

Average weekly

0,786 34

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) hit0,7866 manat to $1.

Deals concluded last week at BEST with transition to currency (T+0) comprised: July 1 8-$ 1.37 million with exchange rate of 0.7866 AZN/USD, July 1 9 - $ 1.67 million with exchange rate of 0.7866 AZN/USD,July 20 - $ 16.22 million with exchange rate of 0.7866 AZN/USD,July 21 - $ 0. 857 million with exchange rate of 0.7866 AZN/USD,July 22 - $ 1.116 million with exchange rate of 0.7866 AZN/USD .

Exchange rate of manat:

July 11

0,7866

July 18

0,7866

July 12

0,7866

July 19

0,7866

July 13

0,7866

July 20

0,7866

July 14

0,7866

July 21

0,7866

July 15

0,7866

July 22

0,7866

Average weekly

0,7866

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