Azerbaijan Devalues Currency 33.5 Percent

Azerbaijan's Central Bank building in Baku


BAKU (A.P.)—Azerbaijan’s Central Bank has suddenly devalues the country’s currency by 33.5 percent against the dollar.

Like Russia, Azerbaijan has been hurt by the sharp decline in the price of oil, its main export. Russia’s currency has lost more than half of its value in the past year.

In announcing the devaluation on Feb. 21, the Central Bank said it was aimed at “stimulating the diversification of Azerbaijan’s economy, strengthening the international competitiveness of the economy and its export potential, and guaranteeing stability in the balance of payments.”

The official rate for theAzeri currency, the manat, was set at 1.05 to the dollar. The day before the rate was 0.7862 to the dollar.

The devaluation raised fears of a spike in inflation, especially on the consumer market, because it will make imports more expensive.

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One Comment;

  1. Hratch said:

    It does not matter what race, blood or creed you belong to, when you associate with Tsar Putin you will get burned. The only difference is that unlike the Azeris, we Armenians jumped right into the EEU arms of Mother Russia. We are now a full-fledged oblast of the new CCCP regional world order. Soon we will trade in a newly minted common currency and travel with a single issue passport. All adorned with bear-chested images of Tsar Putin displaying the notion of strength and courage, and designed to create a personality cult to strike fear into the minds of his subjects. Welcome to the new and improved CCCP aka Sick Man of Eurasia.

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