Azerbaijan from 21 December switched to floating exchange rate

Moscow. December 21. The Central Bank of Azerbaijan (CBA) from 21 December 2015 goes to the floating rate of the national currency, the manat, said in a statement the Central Bank.

“The decision of the Central Bank, from 21 December 2015 (the Central Bank) is transferred to the floating exchange rate of manat. On the basis of this decision the rate of the manat will be determined depending on supply and demand in the foreign exchange market”, – said in a statement.

This decision was made taking into account the increase of negative external influences, the balance of the balance of payments, preservation of foreign exchange reserves, maintain the competitiveness of the national economy.

In this regard, the Central Bank on December 21, installed the US dollar at 1.55 manat/$1 against 1,0499 of the manat/$1 on 18 December. Thus, the manat has declined against the dollar immediately by a third.