On the background of the stability of Azerbaijani Manat against the U.S. dollar, currency rates of our trade partners decrease, Center for Analysis of Economic Reforms and Communication told APA-Economics.
It has been noted by Executive Director of the Center Vusal Gasimli while speaking on the stability of Manat’s currency rate despite global shocks.
According to him, in the first half of March Georgian Lari has decreased by 6.5%, Russia’s Ruble by 9.8%, Turkish Lira by 1.4%, Ukrainian Hryvnia by 5.9%, Chinese Yuan by 9.8%, and Kazakh Tenge by 6.7% against Azerbaijan’s Manat.
Thus, the real effective currency rate of Manat has increased.
According to V. Gasimli, when calculating the real effective rate, the nominal manat rate in relation to the currencies of the trading partner countries and inflation are taken into account. All methods used to calculate the ratio of the real effective manat rate to a stable level - purchasing power parity, macroeconomic balance, Big Mac index and other approaches show that the real effective manat rate was still below its equilibrium point.
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