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Azerbaijani manat declines 48% after switch to floating exchange rates

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/12/2015 (11:29)
According to media reports, the Azerbaijani manat declined by the 47.63% against the US dollar shortly after the country switched to a floating exchange rate. The central bank reportedly stated that they decided to move to floating exchange rates as of December 21 in order to protect the country’s foreign exchange reserves and to ensure the competitiveness of the economy amid weak global economy and plunging crude oil prices. In February, Azerbaijan had devalued the manat by about 25% against the US dollar.

According to Reuters, oil and gas account for 95% of Azeri exports and 75% of government revenues. Oil prices are currently at their lowest levels seen since late 2008 as per data on ChemOrbis Price Wizard.
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