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Manat rate strengthens against main currencies in 2018

Baku. 15 February. REPORT.AZ/ Average exchange rate of manat against US dollar made AZN 1.7000 in 2018, Report informs referring to the Central Bank of Azerbaijan (CBA).

The average exchange rate on purchase by commercial banks was AZN 1.6965, sale AZN 1.7023. The difference between official exchange rate and the exchange rate on purchase by banks was 0.2% (0.0035 manat), on sale 0.1% (0.0023 manat).

The manat rate strengthened by 0.01% against USD, 28.6% against TRY, 4.1% against EUR, 5.9% against GBP, 16.9% against RUB. Real effective exchange rate of manat on non-oil sector strengthened by 6.1%.

Rise in nominal effective exchange rate by 11.9% had an increasing impact on real effective exchange rate, while inflation distinctions with partner countries had a decreasing impact. Since late 2014, the real effective exchange rate has declined by 32.3%, which is a factor supporting competitiveness in non-oil sector. 

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