Euro will keep falling in Azerbaijan in the short term

Euro will keep falling in Azerbaijan in the short term
# 27 October 2008 13:12 (UTC +04:00)


The exchange rate of the US dollar changed in the range of 0.8081-0.8106 AZN/USD over the week and the dollar rose by 0.31%.
The official rate of the US dollar increased by 0.22%, cash buy rate (for some banks) by 0.27% and cash sell rate by 0.15%.





The euro-manat move was very active last week. The euro dealing turnover was as below:




The total euro turnover was €7 252 000. The euro move was remarkable on markets around the world.
The euro skidded to a five-year low against the manat against the backdrop of the global market trends. Domestic factors are too tiny to influence the euro exchange rate.
In the global market, the euro declined to a 19-month low against the dollar on rising hopes that the US economy may pull out of its tailspin in the global financial turmoil.
The euro ranged from 1.0922 manats to 1.0383 manats.
The official rate of the euro fell by 4.83%, cash buy rate (average for banks) by 5.27% and cash sell rate by 3.84%.






The euro has the most remarkable loss in Azerbaijan on October 21-22.
The rush for the dollar to get rid of troubled assets led to rise in the US dollar demand on the markets over the world.
Because of unsteady movements on the global markets, it is predictable that the euro-manat move will be more remarkable in Azerbaijan.
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