Azerbaijan devalues manat by 33%

Azerbaijan devalues: The Central Bank  of Azerbaijan reset the  set the official exchange rate for the manat at 1.05 to the US dollar, a 33% decrease from  the previous rate of 0.78. “This decision was made in order to encourage diversification of the economy of Azerbaijan, enhance its international competitiveness and export capacity, ensure the sustainability of the balance of payments”, it explained in a statement. 

Source: Gazeta