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
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Citable URI
http://hdl.handle.net/11540/6682Metadata
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