Central Bank of Azerbaijan explains reasons for dollar’s rise
Baku, Azerbaijan, Apr. 8
By Azad Hasanli - Trend:
Fluctuations of the rate of manat in Azerbaijan are common to the regime of managed floating exchange rate, the Central Bank of Azerbaijan (CBA) told Trend Apr.8.
"The rate of manat is formed on the basis of a basket that includes the euro and the US dollar," said the message. "This means that the daily changes in the ratio of rate of the euro and the dollar partially affect the rate of the manat against the US dollar."
"In other words, in certain days manat can rise, and in others - become cheaper, in relation to the dollar. Depreciation of the euro against the dollar is observed in the last two days on the international currency market, which results in mild changes in the dollar/manat rate. In general, these changes are common to the managed floating exchange rate," said the source in the bank.
At present, the subjects of the currency market gradually adapt to exchange rate regime.
In addition, the Central Bank said that due to the fact that the euro rate against the US dollar in the long term is associated with the oil prices, the exchange rate regime of the CBA also takes into account long-term trends in oil prices.
Over the past two days in Azerbaijan the dollar rate against the manat rose by 0.29 percent, from 1.0487 manats on Apr.6 to 1.0517 manats on Apr.8, while the euro fell against the national currency by 1.06 percent - from 1.1521 manats to 1.1399 manats.
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