Stabilization of manat rate causes sharp decline in sale of currency

Stabilization of manat rate causes sharp decline in sale of currency
# 21 February 2018 11:11 (UTC +04:00)

Exchange rate of manat against foreign currencies formed in accordance with the trends on balance of payment, Central Bank of Azerbaijan said in its monetary policy review for 2017.

 

According to the bank, as a result of improvement of balance of payment, expansion of export and replacement of import, increase in currency inflow stabilized the situation in the currency market.   

 

“As a result of macroeconomic measures taken in this condition, exchange rate of manat against USD strengthened by 4%. In 2017 the currency market declined. Operations in USD and EUR have relevantly declined by 5.8% and 5.4%. During the reporting period, 83% of transactions were carried out in USD, 17% in other currencies. Decline of currency market was also observed in the segment of foreign currency market. Banks sold $26.5 million in 2017, while they sold $445.4 million in 2016. This is related to stability of the exchange rate of manat”, the bank said. 

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