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Only manat of oil currencies has risen after release of FRS minute - analysts

19 May 2016 14:06 (UTC +04:00)

APA-Economics reports this was caused by release of Federal Reserve System’s minute yesterday. According to minute, the financial market participants see the FRS’s increase of interest rate in June as so-called.

After release of the minute, national currencies of the developing countries fell about 1% against USD. Along with this, Brent crude dropped 1.1% to $49 a barrel.

The western analysts say only Azerbaijani manat preserved its stability: “Manat strengthened 0.41% denying FRS minutes. Though the matter is about a currency directly depending on oil prices, the oil declined. All currencies depending on oil price have declined. For example, Mexican peso slid 0.76%, Russian ruble 0.63%, Brazilian real 0.6%, Chinese yuan 0.43%, Kazakhstani tenge 0.34%”.

The analysts say the manat strengthened because the stability in Naghorno Karabakh could create optimism in currency traders: “Manat rate was also affected by laying the foundation of TAP”.