Azerbaijan has moved to the floating exchange rate of the manat

BAKU, December 21. /Corr.TASS Sevinj Abdullayeva/. The Central Bank of Azerbaijan has announced a switch to free floating of the national currency – manat. This is stated in a statement on Monday the message of the Central Bank.

The official rate of the manat against the dollar on December 21 is set at 1.55 manat/dollar vs. 1,0499 AZN/USD on 18 December. Thus the dollar strengthened against the manat by 48%. The official rate of the manat against the Euro is set at 1,685 manat/Euro vs. 1,1394 manat/Euro on December 18.

According to the regulator, “the decision (to free swimming manat) is adopted with a view to strengthen long-term shocks in the foreign economy for balance of payments, to maintain foreign exchange reserves in the country at a critical level and ensure the competitiveness of the national economy in the international arena”.