Two years passed since second devaluation of Azerbaijani manat

Baku. 21 December. REPORT.AZ/ Two years have passed since the second devaluation of Azerbaijani manat on December 21, 2015. On that day, the official US-dollar rate increased by 47.6% from 1.0499 AZN to 1.55 AZN. The reason for this was the falling in global oil prices to $ 27 per barrel.

After the second devaluation, depreciation of manat continued and on February 1, 2017 the exchange rate reached 1.92 AZN/USD. Thus, rate of the manat has decreased by 144% taking into account the first devaluation (21.02.2015), and by 83% after the second devaluation.

Notably, during the first devaluation of Azerbaijani manat, official exchange rate of US-dollar increased from 0.7862 AZN/USD to 1.05/USD (by 33.6%). The reason for this was the decline in oil prices from $ 120/barrel to $ 60/barrel. 

From the beginning of 2017, stability of the OPEC and non-member countries in the global oil market has been restored, and the rise in prices has begun. Oil prices have risen by 2,4-fold from $ 27/barrel to $ 65/barrel. As a result, US-dollar rate has started to decline since February 1 (by 11.5%) and fell to 1.7001 AZN/USD.Today, official exchange rate is 116% higher compared to the pre-devaluation period.