Manat among most stable world currencies
The Azerbaijani manat ranks 28th among 117 world
currencies, according to the Russian central bank`s stability
ranking.
As of February, Azerbaijan`s currency was the second most stable means of payment in the region, according to the rating issued by the Russian Finmarket agency. The rate of the manat increased 21.9% against the Russian ruble last month and is now considered the most stable currency in the Commonwealth of Independent States (CIS), and is rated within the region next to Iran`s rial.
The Armenian dram has been unable to weather the global financial crisis and remains at the bottom of the list. The dram, which stood 111th as of early March, has tumbled 87.7% against the ruble just in the past month.
At the same time, the Azerbaijani manat has been steadily rising when compared to the Russian currency. Its rate has jumped 50% against the ruble over the past year, with a 30% increase posted in the past three months alone.
The strengthening of the manat makes it cheaper to deliver goods from Russia and other CIS states and may lead to an increase in imports to fast-growing Azerbaijan, analysts say.
Azerbaijan conducts 16.7% of its foreign trade with other CIS states. Russia accounts for 15.9% of the country`s imports.
As of February, Azerbaijan`s currency was the second most stable means of payment in the region, according to the rating issued by the Russian Finmarket agency. The rate of the manat increased 21.9% against the Russian ruble last month and is now considered the most stable currency in the Commonwealth of Independent States (CIS), and is rated within the region next to Iran`s rial.
The Armenian dram has been unable to weather the global financial crisis and remains at the bottom of the list. The dram, which stood 111th as of early March, has tumbled 87.7% against the ruble just in the past month.
At the same time, the Azerbaijani manat has been steadily rising when compared to the Russian currency. Its rate has jumped 50% against the ruble over the past year, with a 30% increase posted in the past three months alone.
The strengthening of the manat makes it cheaper to deliver goods from Russia and other CIS states and may lead to an increase in imports to fast-growing Azerbaijan, analysts say.
Azerbaijan conducts 16.7% of its foreign trade with other CIS states. Russia accounts for 15.9% of the country`s imports.
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