Manat strengthens against foreign currencies
BAKU – The rate of manat, Azerbaijan’s currency, increased 0.7 percent against the US dollar in 2010. The dollar decreased from 80.29 Gapiks (one-hundredth of a manat) to 79.77 Gapiks as of December.
The highest rate of the dollar was reported at 80.39 Gapiks in July, but the US currency began to decline from the second half of 2010.
Some analysts say the dollar began to weaken due to the US Federal Reserve’s decision to issue an additional $600 billion into circulation.
The manat has also strengthened against the euro. The rate of the Azerbaijani currency against the British pound rose as well – by 4 percent.
The rate of the Russian ruble against the manat remained almost unchanged last year.
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