CBA refutes reports on abandoning floating exchange rate

The Central Bank of Azerbaijan (CBA) doesn’t plan to abandon the floating exchange rate..

The CBA denied the information about plans to abandon the floating exchange rate from March 18.

“No letter with such content was sent by the Central Bank to commercial banks,” the Bank reported on March 11. “The exchange rate of manat is set based on the demand and supply on the currency market in accordance with the floating exchange rate.”

The CBA switched to the floating rate of manat on December 21, 2015 as a result of which the exchange rate of dollar and euro increased by 47.6 percent and 47.9 percent and stood at 1.55 and 1.685 manats, respectively.

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