Speculations about further devaluation of Azerbaijani manat groundless (UPDATE)
Details added (first version posted on 11:47)
Baku, Azerbaijan, Dec.28
By Azad Hasanli - Trend:
Speculations about further devaluation of Azerbaijan's national currency (manat) and increase of the exchange rate of the US dollar to two manats are groundless, the Central Bank of Azerbaijan told Trend Dec.28.
In accordance with the floating rate of manat, its exchange rate is formed based on the fundamental factors determining the supply and demand ratio of the currency on the market, said the CBA.
The Central Bank said that it participates on the currency market in accordance with the floating rate of manat and currently, the demand of the currency market is covered by holding auctions.
The Central Bank of Azerbaijan switched to the floating rate of the national currency from Dec.21, 2015. As a result, the exchange rate of the US dollar and euro to manat rose by 47.6 percent and 47.9 percent and stood at 1.55 manats and 1.685 manats, respectively on the mentioned day.
The official exchange rate on Dec.28 is 1.5561 AZN/USD.