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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Azeri central bank says frenzy on FX market averted, market adapts to manat float

Posted on 16 March 2016

Azerbaijan’s central bank said on Tuesday its policies had successfully calmed the Azeri foreign exchange market and that investors and businesses are gradually adapting to the manat’s floating exchange rate regime. The manat was freed to float in mid-December, triggering a plunge of 35 percent against the dollar, after the central bank burned through more than half its foreign reserves to defend the currency as prices for the country’s main export oil plunged.
“Research carried out this year has shown that a frenzy on the foreign exchange market in Azerbaijan has been averted and economic players are adapting step-by-step to the new regime,” the central bank told Reuters in a written answer to questions………………………………………..Full Article: Source


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