As of March 11, 2016 the US rate against manat reached AZN 1.6456, while it stood at AZN 1.5594 at the end of 2016 and as of May 25, 2016 the USD rate fell to AZN 1.4900.
“Rising in June-August, the USD dropped in September and again rose at late October. Since early 2016, the USD has gone up 13.6%. In the reporting period, average exchange rate of USD against manat amounted to AZN 1.5965”, the bank said.
It was noted that the dynamics of bilateral exchange rate also affected the dynamics of multilateral exchange rate in the reporting period: “Along with this, the currencies of several partner counties also devalued. Real effective rate of manat on non-oil sector dropped 19.8% throughout the year. The decline was mainly caused by 27.5% decline in nominal effective rate”.