Adaptation to floating regime is quieter than expected – central bank

#
# 11:41
19 January 2017

According to him, the exchange rate is formed liberally: “Auctions serve balancing the market. Average weighted rate of manat is set as a result of auction and operations conducted out of the auction in the open market at that day. That’s if the average weighted exchange rate of manat was set at 1.8285 at the auction and official exchange rate is set at AZN 1.8311 in the second half of the day, this does not mean that the exchange rate is set administratively. Average exchange rate of manat is affected by both auction and operations in open market. The exchange rate formed today is not corrected. The change in Russia and Kazakhstan, which switched to liberal exchange rate, made up over 3% and 27%. In Azerbaijan, the change was 3.4%. Adaptation to the new condition is lower than expected. Generally, I am optimistic about market and exchange rate dynamics”.

 

#
#

THE OPERATION IS BEING PERFORMED