According to the National Bank of Azerbaijan (NBA), with consideration of the oil sector, the total efficiency ratio (RER) of manat in respect to currencies of foreign trade partners of the Country, rose 4.2% in the general trading, 4.1% in import and 4.4% in export. Over 10 months the change of net currency rate affected the RER of goods turnover by 14%, with change of prices, 86% (with consideration of the oil sector).
Research showed that the impact of the U.S. share on increase of RER in foreign trade (with the consideration of the oil sector) was 0.4%, Turkey was 1%, Georgia was 0.1%, Israel was 0.2%, Ukraine was 0.3%, Japan was 0.2%, Iran was 0.04%, Eurozone was 2.06%, UK was 0.18%, Kazakhstan was 0.1%, with a drop in Russia's share of 0.3%.
In October the RER rose 8.1% in overall trading compared to 2005, 7.5% for import and 8.7% for export. In October the RER rose 5.2%, 5.4% and 2.7% in the oil sector respectively compared to December 2005 and 9.1%, 9.4% and 5% compared to 2005.
In October the RER drop in the non-oil sector was 5.9% in the total goods turnover compared to December 2000 (excluding the oil sector), 4.5% in import and 22.7% in export. With the consideration of oil sector the RER also fell 10.9%, 11.8% and 9.6% respectively.
Over January to October 2006, Japan exceeded the growth rate of the manat in respect of currencies of the United States, Georgia, Kazakhstan and Japan. At the same time the manat fell in respect of the Euro, British Pounds and Israeli Shekeli, but rose in reality. During this period the manat has become stronger in respect of the ruble in total by 2.1%, as the growth rate of inflation in both countries were the same during this period. Prevalence of the net rate over the total in respect to currencies of Iran, Turkey and Ukraine is explained with the rise of inflation in these countries over the consumer prices in Azerbaijan.
The NBA came to the conclusion that in the long-term (2000-2006) the RER of manat dropped, which asserts the availability of terms for foreign trade with major trade partners in Azerbaijan. Over 2001-2006 the level of inflation in Azerbaijan was 35.7%, whereas prices of trade partners were 39.2% in average.