BAKU, Azerbaijan, Nov. 14
By Eldar Janashvili - Trend:
From January through September 2019, the Azerbaijani manat has strengthened against the euro by 4.5 percent, Trend reports referring to a published report of Azerbaijan’s Central Bank (CBA).
The manat also strengthened against the Turkish lira by 6.6 percent, against the euro by 4.5 percent, and against the Georgian lari by 9.8 percent. At the same time, the national currency fell by 14.3 percent against the Ukrainian hryvnia, by 7.3 percent against the Russian ruble, and by 2.6 percent against the Japanese yen.
The dynamics of bilateral rates also influenced the dynamics of the multilateral rate - the nominal effective exchange rate of manat for the nine months rose by 1.4 percent, and the real effective exchange rate fell by 1.3 percent.
The decrease in the real effective rate is explained by the fact that inflation in Azerbaijan is much lower than the average inflation in the countries which are Azerbaijan’s trade partners.
From January through September 2019, the exchange rate of manat against foreign currencies was formed in accordance with the trends in the ratio of supply and demand in the foreign exchange market.
The dynamics of foreign economic operations of business entities has become the main factor determining the volume of operations in the foreign exchange market this year. The volume of operations in the non-cash foreign exchange market for the reporting period amounted to $19.5 billion.