Azerbaijan will retain the manat's de facto peg - S&P

Azerbaijan will retain the manat
# 22 January 2022 09:06 (UTC +04:00)

"We assume Azerbaijan will retain the manat's de facto peg to the U.S. dollar at AZN1.7 to $1, supported by the authorities' regular interventions in the foreign currency market," Analysts at the international rating agency S&P Global Ratings (S&P) say, APA reports.

"Nevertheless, in our view, should hydrocarbon prices drop sharply and remain low for a prolonged period, the authorities could consider allowing the exchange rate to adjust. This would help avoid a substantial loss of foreign currency buffers similar to that experienced by the central bank in 2015," S&P Analysts say.

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