Dollar exchange rate in Azerbaijan exceeds 1 manat (UPDATE)
Details added (first version posted on 11:20)
Baku, Azerbaijan, Feb.21
By Azad Hasanli - Trend:
Starting from February 21, 2015, the official rate of the dollar to the manat (AZN) will be $1 / 1.05 AZN, the Central Bank of Azerbaijan said.
"This decision was made in order to create an additional incentive for the diversion of the national economy, improvement of competitiveness and export potential, as well as provide strategic stability of the balance of payments and international solvency of the country," said the statement.
It is noted that the correction of the manat exchange rate is also aimed to neutralize the effect of a significant depreciation of the exchange rate, which the national currencies of most countries have suffered.
The Central Bank of Azerbaijan will continue to participate in the foreign exchange market within the framework of a specific corridor.
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