The euro doubles its role in Azerbaijan’s economy

The euro doubles its role in Azerbaijan’s economy
# 30 December 2008 14:52 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics. Azerbaijan’s domestic currency market totaled AZN 23 194 022 900 in January-November, 2008, said the National Bank of Azerbaijan.
The central bank said the figure is a 74.6 rise on the same period last year and a 53.2% increase on the total amount of 2007.
The domestic currency market reached a monthly peak in July.


At the same time, there has been an uptrend in the domestic currency market.




The dollar transactions during January-November reached $20 111 061 500, the euro deals made €5 263 891 700 and the pound deals stood at ₤35 028 300 and the ruble deals was RUR 14 328 512 300.
The figures prove the US dollar’s driving role in Azerbaijan’s economy and while there is a 2.4 times year-on-year increase the euro deals.
The euro takes a 31.4% share in the domestic currency market. The rising euro transactions indicate the 15-nation currency’s increasing role in the economy.
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