Manat down over global crunch
The world economic crisis has caused a slight
reduction in the rate of Azerbaijan`s currency, manat.
The rate of the national currency against the dollar has decreased 0.8% this year, according to Eldar Ismayilov, head of the Association of Azerbaijani Banks. However, no drastic changes are expected in the central bank`s policy on currency rates, as major devaluation in the country is unlikely, Ismayilov told Lider TV channel.
Overall, a number of CIS states have faced the problem of falling currency rates in the backdrop of the global financial slowdown. The worst-hit countries include Russia, Ukraine, Belarus and Kazakhstan.
The rate of the national currency against the dollar has decreased 0.8% this year, according to Eldar Ismayilov, head of the Association of Azerbaijani Banks. However, no drastic changes are expected in the central bank`s policy on currency rates, as major devaluation in the country is unlikely, Ismayilov told Lider TV channel.
Overall, a number of CIS states have faced the problem of falling currency rates in the backdrop of the global financial slowdown. The worst-hit countries include Russia, Ukraine, Belarus and Kazakhstan.
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