Azerbaijani manat rate to US dollar stabilizes at above AZN 1.54 Investment
Baku, Fineko/abc.az. The Central Bank of Azerbaijan, which introduced on 21 December 2015 the floating exchange rate with help of the auction, reported that the manat rate to the US dollar has stabilized.
For the time of ‘floating’ the manat has depreciated by 46.9%, but in 2016 the manat revaluation still makes up 1.2%.
The CBA informs that on 4 July the official exchange rate was set at the level of AZN 1.5425 to the US dollar, as well as on 1 July, against AZN 1.5394 on 30 June 2016 and AZN 1.5610 on 31 December 2015. The rate reached AZN 1.55 on 21 December (the day of introduction of floating manat rate), and AZN 1.05 on 21 February (the day of first devaluation). As a result, from the moment of refusal from manat pegging to the dollar and introduction of bi-currency basket (on 16 February 2015) when the exchange rate was at the level of AZN 0.7844 to the US dollar, the Azerbaijani manat lowered by 1.97 times.
By early 2014 the official exchange rate was at the level of AZN 0.7845 to the US dollar, early in 2013 – AZN 0.7850, early in 2012 - AZN 0.7865, and early in 2015 - AZN 0.7844.