US dollar hits 12-year low in Azerbaijan
BAKU – The rate of US dollar in Azerbaijan has hit a 12-year low of less than 79.5 Gapiks (one-hundredth fractions of manat), according to the Central Bank’s estimates.
This rate was last reported in July 1999. The dollar rate has dropped 0.4 percent this year alone.
Experts say the drop was influenced by the trend in world markets. US currency is currently falling in a number of countries.
They say given that manat rose 0.4 pct against the dollar and 8.5 pct against the euro in 2010, the Azerbaijani currency will continue to strengthen this year. Analysts believe that considering the wide use of US dollars in the country, a further insignificant rise in the manat rate is inevitable, though exchange rates are not expected to change considerably.
The Central Bank earlier said in a statement outlining monetary policy goals for 2011 that the manat strengthened by around 0.4 pct against the dollar in 2010. It noted, however, that no major changes in exchange rates are predicted and the dollar rate will remain stable this year.
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