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    Currency market in Azerbaijan: Challenging environment for the national currency

    Hasanov, Rashad | September 2016
    Abstract
    In August, the exchange rate of national currency of Azerbaijan-“Manat” beat all historical records. That is to say, the exchange rate was 1 USD= 1.61 Manat in previous month 1. It should be noted that, the exchange rate hit 1 USD= 1.6 Manat in March, 2016 2. Since the second half of 2014, due to the fall of oil prices in the world markets there is a visible pressure on the national currency ‘Manat’. Overall, the Azerbaijani “Manat” lost 49.6% of its value in 2015 and in addition, a depreciation of more than 3% in the first 8 months of 2016, the losses could reach 52.2%. Although the occurring rapid dollarization and the observed stagnation in the business environment especially in imports in the first months of 2015 and 2016 resulted in short-term reduction in foreign exchange demand in the March-May period of this year and strengthening the exchange rate of USD/Manat at the level of 1.49, the process of depreciation proceeded again afterwards. As a result, the national currency increased its annual losses to the level of 5.5% in June-July, by depreciating 7% against the US dollar again.
    Citation
    Hasanov, Rashad. 2016. Currency market in Azerbaijan: Challenging environment for the national currency. © Center for Economic and Social Development. http://hdl.handle.net/11540/6682.
    Keywords
    ADB
    Project finance
    Development plans
    Strategic planning
    Business Financing
    Investment Requirements
    Insurance Companies
    International Monetary Relations
    International Financial Market
    Exchange Rate
    Development
    Finance
    Development Challenges
    Development Issues
    Development Problems
    Microenterprises Finance
    Commercial Finance Companies
    Enterprise Financing
    Financial Analysis
    Banking Finance And Investment
    Insurers
    Insurance stocks
    Insurance holding companies
    Insurance carriers
    Insurance agencies
    Business subsidies
    Investment companies
    International banks and banking
    Stock exchanges
    Grants
    Loans
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/6682
    Metadata
    Show full item record
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    Currency-Azerbaijan.pdf (474.2Kb)
    Author
    Hasanov, Rashad
    Theme
    Development
    Finance

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      Currency market in Azerbaijan: Challenging environment for the national currency 

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise