Abrupt changes in exchange rate of manat not expected - ABA

17:27 27 Dekabr 2015
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Baku, Azerbaijan, Dec. 27


Unfounded rumors about abrupt changes in the exchange rate of manat are spread in Azerbaijan, the Azerbaijan Banks Association Executive Directorate told Trend Dec. 27.

Executive Directorate of the association said that the liquidity of banks in foreign currency is sufficient and allows to fully meet customer demand for the currency.

It was also mentioned that such rumors have no foundation and serve the interests of certain people.

"We inform that the abrupt changes in exchange rate of manat are not expected and recommend the population not to believe such rumors," - said in a statement of the association.

The Central Bank of Azerbaijan switched to the floating rate of the national currency (manat) from Dec.21, 2015. As a result, the exchange rate of the US dollar and euro to manat rose by 47.6 percent and 47.9 percent and stood at 1.55 manats and 1.685 manats, respectively on the mentioned day.

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