Finance

Home page

Finance

US dollar finally starts to depreciate in Azerbaijan

13 October 2008 08:54 (UTC +04:00)

The exchange rate of the US dollar changed in the range of 0.8094-0.8089 AZN/USD over the week and the dollar fell 0.06%.
The official rate of the US dollar dropped 0.03%, cash sell price (for some banks) decreased 0.03% and cash sell price rose 0.04%.
Around the world, the U.S. Federal Reserve led a global round of emergency interest rate cuts last week in an effort to contain the worst financial crisis since the1930s.
The Fed said it was cutting its key federal funds rate by 50 basis points to 1.5 percent. China, the European Central Bank (ECB) and the central banks in Britain, Canada, Sweden and Switzerland also cut rates in the coordinated response which analysts had been demanding.
Bank of England cuts key lending rate by half point to 4.50 percent.
China and Sweden also cut their interest rates. China cut its interest rates for second time in less than one month as Sweden cut rate by half a percent to 4.25 percent.
Switzerlandâ€™s central bank on Wednesday joined other major central banks in a coordinated action to cut interest rates, as they seek to stimulate the economy which has stalled on the financial crisis.