Bank Of Baku

Policy of strengthening the national currency in Azerbaijan cheapens oil export

Policy of strengthening the national currency in Azerbaijan cheapens oil export
# 17 December 2010 13:07 (UTC +04:00)
According to APA-Economics calculation, exchange official rate against manat decreased by 0.26% in October, 2010. Thus, CBA has decreased dollar’s rate, implementing the policy on strengthening the manat.

Azerbaijan’s crude oil and oil production export made $ 1.565 bln. Taking the overmentioned facts into account, oil export decreased by $ 4.07 mln or AZN 3.2 mln.

Note that, CBA continues to implement policy on strengthening the manat. Thus, the official rate of dollar against manat decreased by 0.03% in November, 0.3% - from beginning of December so far.
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