The demise of manat – exchange rate of Azerbaijani national currency to USD reaches record low

YEREVAN, DECEMBER 15, ARMENPRESS. Following a regular joint auction by the Central Bank and State Oil FundofAzerbaijan exchange rate of Azerbaijani national currency to USD reached record low in the black market. The difference of the exchange rate between what the CB announced and the black market is over 10%. After the regular currency auction the CB set the official exchange rate of the manat to the USD at 1.7525. “Aremenpress” reports the dollar-manat exchange rate has reached 1.95 in the black market.

The Financial Markets Supervision Chamber of Azerbaijan and low enforcement bodies began to seriously control the black market. Arrests of people engaged in illegal currency exchange deals have taken place, leading to new tensions. Thank to the fight against the black market, the number of people engaged in purchase and sale of currencies in the black market has decreased. The remaining black market dealers agree to bargain over the USD price with those whom they know and trust.

During the last month the official exchange rate of the manat has decreased by 10%.