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Dollar exchange rate decreases by 1.4%, euro grows by 6.7% in Azerbaijan from the beginning of year

06 September 2011 10:02 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The official exchange rate of dollar against manat decreased by 1.4% in Azerbaijan since the beginning of the year, the official rate of euro increased by 6.7% in January-August.

The main reason for this trend is the dynamics of exchange rates of these two leading currencies in the world market. Since the beginning of the euro on the world market rose against the dollar by 6.9%. Consequently, it has been reflected in the growth of official exchange rate of euro against manat determined by the Central Bank.

The experts of â€œAPA-Ekonomistâ€ magazine believe that the dollar’s depreciation in Azerbaijan attracted more attention than the rise in the euro as the dollar is used more euros. Thus, the dollar is still used as currency storage, and the fall in its value leads to a depreciation of investments. In addition, prices of goods (for example, real estate) is traditionally measured in dollars, and if it cheaper sellers raise the price to an appropriate level.