Azerbaijan plans to fully float its currency, the manat, starting next year, the head of the country's central bank told reporters on Monday. Azerbaijan adopted a managed float earlier this year as the price of oil slumped, to ease pressure on its foreign exchange reserves.
That policy established a range within which banks could buy and sell manats of 4 percent on either side of its official rate. At times this year, it has suspended sales of foreign exchange. The main reason for floating the currency now, said Elman Rustamov, the head of central bank, "is the achievement of macroeconomic stability."
Copyright Reuters, 2017
Published under arrangements with Reuters.
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Reuters, 2017
Published under arrangements with Reuters.
No content from Business Recorder shall be reproduced, published, broadcast, rewritten for broadcast or publication, or redistributed directly or indirectly in any medium.
Business Recorder shall not be responsible or held liable for any error of fact, opinion or recommendation and also for any loss, financial or otherwise, resulting from business or trade or speculation conducted, or investments made, on the basis of the information posted here. Nor shall Business Recorder be held liable for any actions taken in consequence." >Copyright Reuters, 2017