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Azerbaijani Currency’s Rate to Depend on its Interbank Market Price

Azerbaijani Currency’s Rate to Depend on its Interbank Market Price

Chairman of Azerbaijan’s Central Bank (CBA) Elman Rustamov has said the CBA won’t allow a significant change in the rate of the national currency – the manat.

The Central Bank switched on Dec. 21 to a floating rate of the country’s national currency. As a result, the rate of the US dollar and euro to manat rose by 47.6 percent and 47.9 percent, and stood at 1.55 manats and 1.685 manats, respectively.

“This floating rate is called a managed floating rate. This means we will not allow a significant change in manat’s rate and that we will control it,” Rustamov said speaking to the state television channel AzTV on Dec. 21.

He further noted that a significant deviation from the current rate can lead to serious confusion on the market.

Rustamov believes that manat’s rate will strongly depend on the prices formed on the interbank market during the sale and purchase process.