Azerbaijan's Central Bank Divulges Data On Real Effective Exchange Rate Of Manat

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 3. The nominal effective exchange rate of the manat in non-oil trade strengthened by 2.9 percent, and the real effective exchange rate decreased by 3.3 percent over nine months of the current year, Trend reports via CBA.

Moreover, it was noted that inflation in Azerbaijan at a level below the weighted average inflation in partner countries had a reducing effect on the real effective exchange rate. It was noted that the official exchange rate of the manat to the US dollar for the period was determined based on the average rate on interbank transactions (taking into account auctions and non-auction transactions on the Bloomberg platform).

“The average daily official exchange rate of the manat to the US dollar for the reporting period amounted to 1.7 manat. The rates of purchase and sale of foreign currency set by banks fluctuated in the range close to the official exchange rate. Thus, the average daily rate of purchase by commercial banks for 1 US dollar differed from the official one by 0.32 percent, and the rate of sale by 0.12 percent.

In the reporting period, the manat exchange rate against the Turkish lira increased by 17.1 percent, against the Ukrainian hryvnia by 11.2 percent, and against the Kazakh tenge by 5.3 percent. The manat depreciated by 1.7 percent against the euro, by 4.2 percent against the British pound sterling, and by 2 percent against the Swiss franc during the reporting period. The dynamics of bilateral exchange rates affected the dynamics of multilateral exchange rates,” the report notes.

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