Baku. Vahab Rzayev – APA-Economics. The exchange rate of euro, assigned by the CBA, against manat made today AZN 1.0724. According to APA-Economics, last time such exchange rate was observed in November 15, 2012. Consequently, official exchange rate of euro against manat reached 23-months maximum:
It’s clear that gradually rising of euro against manat is basically related to weakening of USD. Because of during a month, strong political and economic concussions occurred in the US. Remind that budget crisis in the US has continued since end of September and it was ended by adoption of short-term budget some days ago. Consequently, USD weakened against main world currencies and this influenced Euro-manat in Azerbaijan. So, weakening of dollar in the world market was reflected by the Central Bank of Azerbaijan in the strengthening of Euro against manat, but not in weakening of dollar against manat. Because of weakening of dollar is not useful from standpoint of macro economic and euro does not play a significant role in Azerbaijan’s economy.
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