The Central Bank of Azerbaijan has made an unexpected devaluation of the national currency, the manat, 33.5 percent. against the US dollar.
Central Bank of the Republic of Azerbaijan noted that the devaluation is to “greater diversification of the Azerbaijani economy, strengthen its export capacity and competitiveness on the international stage and ensure the stability of the balance of payments.”
The Associated Press shows that the economy of Azerbaijan, like Russia, has been affected by a drastic drop in the price of oil, its main raw material export. Russian ruble last year lost more than half of the value.
The official exchange rate against the dollar manatee is 1.05 manatee. Friday manat still cost $ 0.78.
devaluation sparked fears of rising inflation, especially in the market consumer, since it involves raising the cost of imports.
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