Sun, 26 October
10.1 C
Yerevan
USD: 383.05 RUB: 4.73 EUR: 444.80 GEL: 141.19 GBP: 510.03

Azerbaijan devalues its currency

YEREVAN, February 24. /ARKA/. One more CIS country, Azerbaijan, has devalued its currency.

The official manat versus dollar rate set by the country’s central bank was 1.05 manats per $1 on February 21 as compared to 0.7862 manats per $1 on February 20. This means 35% devaluation was recorded, setifinance.ru reported.

The decision was made to promote economic diversification, increase competitiveness and export potential and ensure viable balance of payments, said the central bank.

The official manat versus euro rate was set at 1.1950 manats per euro on February 21, as compared to 0.8934 manats per euro the day before.

Naturally, the devaluation affected the ruble rate set at 0.0170 manats per ruble on February 21, against 0.0127 manats per ruble the day before.

Manat devaluation was an expected measure as earlier the central bank said it will turn to more flexible rate policies. Yet, the chairman of the central bank board Elman Rustamov said any weakening will be soft.

As from February 16, Azerbaijan’s central bank turned to currencies’ basket with the share of euro at 30% in it. –0—

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

“We want the word ‘investor’ in Armenia to mean normality, not elitism” – Freedom Broker Armenia

ARKA news agency spoke with Freedom Broker Armenia Director Ovak Ovakimian about the transformation of investment thinking, company strategy and trust as an economic value.

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

LATEST NEWS

spot_imgspot_imgspot_img