Euro grows and US dollar to manat corrected

22/06/2015 12:36 AST

The Central Bank of Azerbaijan reports that the exchange rate of the US dollar to the manat has been corrected a little and the euro continues growth.

The CBA informs that on 22 June 2015 the official exchange rate was set at the level of AZN 1.0473 to the US dollar against AZN 1.0474 on 19 June, and AZN 1.05 on 21 February (the day of devaluation). As a result, from the moment of refusal from manat pegging to the dollar and introduction of bi-currency basket (on 16 February) when the exchange rate was at the level of AZN 0.7844 to the US dollar, the Azerbaijani manat declined by 33.516%.

On 22 June the euro rate was set at the level of AZN 1.1921 to the manat versus AZN 1.1911 on 19 June, AZN 1.1969 on 18 May (peak level) and AZN 1.195 on 21 February. Although the CBA has not formally announced the structure of the currency basket, it can be supposed that the basket is formed by the US dollar (80%) and by euro (20%). Basing on this assumption, the value of the bi-currency basket for today is AZN 1.0763 to a currency unit against AZN 1.0761 on 19 June, and AZN 1.079 on 21 February when the manat was devalued.

In other words, since the introduction of the currency basket the Azerbaijani manat has been devalued (the ratio of the rate of the base currency before 16 February to the value of the bi-currency basket for 19 June) by 37.213%.

The bi-currency basket, which started from the level of AZN 0.80664, increased in price by 33.430%.

By early 2014 the official exchange rate was at the level of AZN 0.7845 to the US dollar, early in 2013 – AZN 0.7850, early in 2012 - AZN 0.7865, and early in 2015 - AZN 0.7844.

ABC.AZ