The Currency Market in Azerbaijan: Realities, Volatility and Perspectives

The Currency Market in Azerbaijan: Realities, Volatility and Perspectives The dollar /manat spot exchange rate specifies how much one currency, the US dollar, is currently worth in terms of the other, the manat . On the first of February 2017, the exchange rate of the national currency of Azerbaijan, the manat, hit a new record low; namely, 1 dollar was exchanged for 1.92 manat. Illegal black markets and psychological factors such as a lack of publicly... Read More

New currency crisis in Azerbaijan

New currency crisis in Azerbaijan Azerbaijani banks completely halted foreign-currency sales as demand by businesses and households soared and the manat continued to depreciate against the dollar. Central Bank of Azerbaijan depreciated local currency against the dollar by almost 7 % in the last month. The official rate of the manat was depreciated against the dollar to 1.7039 on November 15th, 2016 from 1.5969 on October 18th 2016. Meanwhile, the... Read More

Oil Currency Breaks Ranks as Azeris Can’t Quench Dollar Cravings

Oil Currency Breaks Ranks as Azeris Can’t Quench Dollar Cravings As higher energy prices buoy currencies of commodity producers, one is swimming against the tide. Even after losing more than half its value against the dollar in two devaluations last year, Azerbaijan’s manat is struggling to find a bottom. In fact, it just had its worst month since the height of the crisis in oil markets in January. The currency market of the third-biggest oil... Read More

Falling Oil Prices and Declining of Currency Reserves

Falling Oil Prices and Declining of Currency Reserves Caused by oil price decline in the world market, Central Bank’s intervention costs have decreased since August 2014 in Azerbaijan- Center for Economic and Social Development (CESD) reports. According to the official data of Central Bank of Azerbaijan Republic (CBAR), which published on January 08 2015, decline has been observed in both total reserves and currency reserves. CESD underlines that... Read More