No plans to abandon floating exchange rate – Azerbaijan’s Central Bank

The Central Bank of Azerbaijan (CBA) doesn’t plan to abandon the floating exchange rate, said the message from the bank March 11.

CBA denied the information about plans to abandon the floating exchange rate from March 18.

“No letter with such content was sent by the Central Bank to commercial banks,” said the message. “The exchange rate of manat is set based on the demand and supply on the currency market in accordance with the floating exchange rate.”

The CBA switched to the floating rate of manat on Dec.21, 2015 as a result of which the exchange rate of dollar and euro increased by 47.6 percent and 47.9 percent and stood at 1.55 and 1.685 manats, respectively.

The official exchange rate on March 11 is 1.6456 AZN/USD. 

/By Trend/